Transamerica Series Trust N-14 Registration statement for investment companies business combination

Securities Act File No.         [            ]

As filed with the Securities and Exchange Commission on October 7, 2016

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-14

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933	☒
Pre-Effective Amendment No.	☐
Post-Effective Amendment No.	☐

TRANSAMERICA SERIES TRUST

(Exact Name of Registrant as Specified in Charter)

1801 California Street, Suite 5200

Denver, CO 80202

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (319)-355-2747

Tané T. Tyler, Esq.,

1801 California Street, Suite 5200

Denver, CO 80202

(Name and Address of Agent for Service)

Approximate Date of Proposed Public Offering: As soon as practicable after this Registration Statement becomes effective.

It is proposed that this filing will become effective on November 7, 2016 pursuant to Rule 488 under the Securities Act of 1933.

No filing fee is required because an indefinite number of shares has previously been registered pursuant to Rule 24f-2 under the Investment Company Act of 1940, as amended

The information in this Information Statement/Prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Information Statement/Prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

SUBJECT TO COMPLETION, DATED OCTOBER 7, 2016

COMBINED INFORMATION STATEMENT

OF

TRANSAMERICA SERIES TRUST

on behalf of its Series:

TRANSAMERICA VOYA LIMITED MATURITY BOND VP

TRANSAMERICA VOYA MID CAP OPPORTUNITIES VP

AND

PROSPECTUS

OF

TRANSAMERICA SERIES TRUST

on behalf of its Series:

TRANSAMERICA JPMORGAN CORE BOND VP

TRANSAMERICA JANUS MID-CAP GROWTH VP

The address and telephone number of each Target Portfolio and each Destination Portfolio is:

1801 California Street, Suite 5200

Denver, CO 80202

(Toll free) 1–888–233–4339

Transamerica Series Trust

1801 California Street, Suite 5200

Denver, CO 80202

[            ], 2016

Dear Policyowner:

The Board of your Transamerica portfolio has approved the reorganization of your portfolio into another Transamerica portfolio. The reorganization is expected to occur on or about December [16], 2016. Upon completion of the reorganization, you will become a holder of the destination Transamerica portfolio, and you will receive shares of the destination portfolio equal in value to your shares of your current Transamerica portfolio.

The reorganization does not require holder approval, and you are not being asked to vote. We do, however, ask that you review the enclosed combined Information Statement/Prospectus, which contains information about the destination portfolio, including its investment objective, strategies, risks, performance, fees and expenses.

The Board has unanimously approved your portfolio’s reorganization and believes the reorganization is in the best interests of your portfolio and its shareholders.

If you have any questions, please call 1-888-233-4339 between 8 a.m. and 5 p.m., Eastern Time, Monday through Friday. Thank you for your investment in the Transamerica funds.

Sincerely,

/s/ Marijn P. Smit

Marijn P. Smit

Trustee, President and Chief Executive Officer

DATED [            ] 2016

COMBINED INFORMATION STATEMENT

OF

TRANSAMERICA SERIES TRUST

on behalf of its Series:

TRANSAMERICA VOYA LIMITED MATURITY BOND VP

TRANSAMERICA VOYA MID CAP OPPORTUNITIES VP

(each, a “Target Portfolio” and together, the “Target Portfolios”)

AND

PROSPECTUS

OF

TRANSAMERICA SERIES TRUST

on behalf of its Series:

TRANSAMERICA JPMORGAN CORE BOND VP

TRANSAMERICA JANUS MID-CAP GROWTH VP

(each, a “Destination Portfolio” and together, the “Destination Portfolios”)

The address and telephone number of the each Target Portfolio and each Destination Portfolio is:

1801 California Street, Suite 5200

Denver, CO 80202

(Toll free) 1-888-233-4339

Shares of the Destination Portfolios have not been approved or disapproved by the Securities and Exchange Commission (the “SEC”). The SEC has not passed upon the accuracy or adequacy of this Information Statement/Prospectus. Any representation to the contrary is a criminal offense.

An investment in any Target Portfolio or Destination Portfolio (each sometimes referred to herein as a “Portfolio”) is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

This Information Statement/Prospectus sets forth information about the Destination Portfolios that an investor ought to know before investing. Please read this Information Statement/Prospectus carefully before investing and keep it for future reference.

INTRODUCTION

This combined information statement and prospectus, dated [            ], 2016 (the “Information Statement/Prospectus”), is being furnished in connection with the reorganizations (each, a “Reorganization,” and together the “Reorganizations”) of certain series of Transamerica Series Trust, a Delaware statutory trust (each, a “Target Portfolio,” and together the “Target Portfolios”), into certain other series of Transamerica Series Trust (each, a “Destination Portfolio,” and together the “Destination Portfolios”). The Information Statement/Prospectus is being mailed to Target Portfolio holders on or about [            ], 2016.

Each Target Portfolio and Destination Portfolio is a series of Transamerica Series Trust (“TST”), an open-end management investment company organized as a Delaware statutory trust.

The Board of Trustees of TST (the “Board” or the “Trustees”) has determined that the Reorganizations are in the best interests of each Target Portfolio and Destination Portfolio. A copy of the form of Agreement and Plan of Reorganization (the “Plan”) for each Reorganization is attached to this Information Statement/Prospectus as Exhibit A.

THIS INFORMATION STATEMENT/PROSPECTUS IS FOR INFORMATIONAL PURPOSES ONLY, AND YOU DO NOT NEED TO DO ANYTHING IN RESPONSE TO RECEIVING IT. WE ARE NOT ASKING YOU FOR A PROXY OR WRITTEN CONSENT, AND YOU ARE REQUESTED NOT TO SEND US A PROXY OR WRITTEN CONSENT.

The following table indicates (a) the Target Portfolio and corresponding Destination Portfolio involved in each Reorganization, (b) the corresponding Destination Portfolio shares that each Target Portfolio holder will receive, and (c) on what page of this Information Statement/Prospectus the discussion regarding each Reorganization begins. The Reorganizations are numbered for convenience. The consummation of each Reorganization is not contingent on the consummation of the other Reorganization.

Reorganization	Target Portfolio & Shares	Destination Portfolio & Shares	Page
1	Transamerica Voya Limited Maturity Bond VP	Transamerica JPMorgan Core Bond VP	[    ]
	Initial Class Service Class	Initial Class Service Class
2	Transamerica Voya Mid Cap Opportunities VP	Transamerica Janus Mid-Cap Growth VP	[    ]
	Initial Class Service Class	Initial Class Service Class

Please read this Information Statement/Prospectus, including Exhibit A, carefully. Although each Reorganization is similar in structure, you should read carefully the specific discussion regarding your Target Portfolio’s Reorganization.

The date of this Information Statement/Prospectus is [            ], 2016

1

For more complete information about each Portfolio, please read the Portfolio’s prospectus and statement of additional information, as they may be amended and/or supplemented. Each Portfolio’s prospectus and statement of additional information, and other additional information about each Portfolio, has been filed with the SEC (http://www.sec.gov) and is available upon oral or written request and without charge. See “Where to Get More Information” below.

Where to Get More Information

Each Portfolio’s current prospectus and statement of additional information, including any applicable supplements thereto.	On file with the SEC (http://www.sec.gov) and available at no charge by calling the Portfolios’ toll-free number: 1-888-233-4339 or visiting the Portfolios’ website at http://www.transamericaseriestrust.com/content/prospectus.aspx.
Each Portfolio’s most recent annual and semi–annual reports to holders.	On file with the SEC (http://www.sec.gov) and available at no charge by calling the Portfolios’ toll-free number: 1-888-233-4339 or by visiting the Portfolios’ website at http://www.transamericaseriestrust.com/content/prospectus.aspx.
A statement of additional information for this Information Statement/Prospectus, dated [            ], 2016 (the “SAI”). The SAI contains additional information about the Target Portfolios and the Destination Portfolios.	On file with the SEC (http://www.sec.gov) and available at no charge by calling the Portfolios’ toll-free number: 1-888-233-4339 or by visiting the Portfolios’ website at http://www.transamericaseriestrust.com/content/prospectus.aspx. The SAI is incorporated by reference into this Information Statement/Prospectus.
To ask questions about this Information Statement/Prospectus.	Call the following toll-free telephone number: 1-888-233-4339.

The Target Portfolios’ prospectus, dated May 1, 2016, as supplemented, and statement of additional information, as amended and restated on July 1, 2016 and as further supplemented (Files No. 033-00507 and 811-04419), are incorporated by reference into this Information Statement/Prospectus.

Shares of the Portfolios are not offered directly to the public but are sold only to insurance companies and their separate accounts as the underlying investment medium for owners (each a “Policyowner,” collectively, “Policyowners”) of variable annuity contracts and variable life policies (collectively, the “Policies”). As such, Transamerica Life Insurance Company (“TLIC”), Transamerica Financial Life Insurance Company (“TFLIC”), Transamerica Advisors Life Insurance Company (“TALIC”) and Transamerica Premier Life Insurance Company (“TPLIC”) (collectively, the “Insurance Companies”) and certain asset allocation portfolios are the only shareholders of the investment portfolios offered by TST. TLIC, TFLIC, TALIC and TPLIC each offer the Portfolios in their respective products.

Policyowners are not shareholders of the Portfolios. For ease of reference, throughout the Information Statement/Prospectus, shareholders and Policyowners may collectively be referred to as “shareholders” of the Portfolios.

TST has agreed to provide information to Policyowners invested in each Target Portfolio in connection with a Reorganization into the applicable Destination Portfolio. You have received this Information Statement/Prospectus because you have a Policy of one of these Insurance Companies and that Policy is invested in a Target Portfolio.

2

TABLE OF CONTENTS

SUMMARY	1
REORGANIZATION 1	3
REORGANIZATION 2	15
OTHER IMPORTANT INFORMATION CONCERNING THE REORGANIZATIONS	24
PORTFOLIO SECURITIES	25
TERMS OF EACH AGREEMENT AND PLAN OF REORGANIZATION	26
TAX STATUS OF EACH REORGANIZATION	27
FUNDAMENTAL INVESTMENT POLICIES OF THE PORTFOLIOS	29
BUYING AND SELLING OF PORTFOLIO SHARES	30
ADDITIONAL INFORMATION ABOUT THE DESTINATION PORTFOLIOS	30
FINANCIAL HIGHLIGHTS	36
OWNERSHIP OF SHARES OF THE PORTFOLIOS	45
EXPERTS	47
AVAILABLE INFORMATION	48

EXHIBIT A — FORM OF AGREEMENT AND PLAN OF REORGANIZATION	A–1
EXHIBIT B — INFORMATION REGARDING PARENT ENTITIES OF “CONTROL PERSONS”	B–1

SUMMARY

This Summary section is qualified in its entirety by reference to the additional information contained elsewhere in this Information Statement/Prospectus and the Agreement and Plan of Reorganization relating to each Reorganization, which is attached to this Information Statement/Prospectus as Exhibit A. Shareholders should read this entire Information Statement/Prospectus, including Exhibit A, and the Portfolios’ prospectus carefully for more complete information.

How Will the Reorganizations Work?

• Each Target Portfolio will transfer all of its property and assets to the corresponding Destination Portfolio. In exchange, the corresponding Destination Portfolio will assume all of the liabilities of the Target Portfolio and issue shares, as described below.

• Each Destination Portfolio will issue a number of its Initial Class and Service Class shares, as applicable, to the corresponding Target Portfolio on the closing date of the applicable Reorganization (the “Closing Date”) having an aggregate net asset value equal to the aggregate net asset value of such Target Portfolio’s Initial Class and Service Class shares, respectively.

• Shares of the corresponding class of each Destination Portfolio will then be distributed on the Closing Date to the corresponding Target Portfolio’s shareholders in complete liquidation of the Target Portfolio in proportion to the relative net asset value of their holdings of the applicable class of shares of the Target Portfolio. Therefore, on the Closing Date, upon completion of the applicable Reorganization, each Target Portfolio shareholder will hold shares of the corresponding class of the corresponding Destination Portfolio with the same aggregate net asset value as its holdings of the applicable class of shares of the Target Portfolio immediately prior to the Reorganization. The net asset value attributable to a class of shares of a Target Portfolio will be determined using the Target Portfolio’s valuation policies and procedures and the net asset value attributable to a class of shares of a Destination Portfolio will be determined using the Destination Portfolio’s valuation policies and procedures. The portfolio assets of each Target Portfolio and corresponding Destination Portfolio are valued using the same valuation policies and procedures.

• Each Target Portfolio will be terminated after the Closing Date.

• The consummation of each Reorganization is not contingent on the consummation of the other Reorganization.

• No sales load, contingent deferred sales charge, commission, redemption fee or other transactional fee will be charged as a result of the Reorganizations. Following a Reorganization, shareholders of the applicable Target Portfolio will be subject to the fees and expenses of the corresponding Destination Portfolio.

• Following the Reorganizations, (i) Transamerica Asset Management, Inc. (“TAM”) will continue to act as investment manager to each Destination Portfolio; (ii) J.P. Morgan Investment Management, Inc. will continue to act as sub-adviser to the Destination Portfolio in Reorganization 1; and (iii) Janus Capital Management LLC will continue to act as sub-adviser to the Destination Portfolio in Reorganization 2.

• The exchange of Target Portfolio shares for Destination Portfolio shares in a Reorganization will not result in income, gain or loss being recognized for federal income tax purposes by an exchanging shareholder. Each Reorganization generally will not result in the recognition of gain or loss for federal income tax purposes by the applicable Target Portfolio or Destination Portfolio.

Why did the Trustees Approve the Reorganizations?

In approving the Reorganization of your Target Portfolio, the Board, including all of the Trustees who are not “interested” persons (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Portfolios, TAM or Transamerica Capital, Inc. (“TCI”), the Portfolios’ distributor (the “Independent Trustees”), after careful consideration, has determined that the Reorganization is in the best interests of your Target Portfolio and will not dilute the interests of the existing shareholders of the Target Portfolio. The Board has made this determination based on various factors, which include those that are discussed in this Information Statement/Prospectus in the section entitled “Reasons for the Proposed Reorganization.”

1

The Board also serves as the Board of each corresponding Destination Portfolio. The Board, including all of the Independent Trustees, has approved the Reorganization with respect to each Destination Portfolio. The Board has determined that the Reorganization is in the best interests of such Destination Portfolio and that the interests of the Destination Portfolio’s shareholders would not be diluted as a result of the Reorganization.

Who Bears the Expenses Associated with the Reorganizations?

It is anticipated that the total cost of preparing, printing and mailing this Information Statement/Prospectus will be approximately $40,000. In light of the benefits expected to be received by each Target Portfolio as a result of the Reorganizations, this cost will be borne by the Target Portfolios. Each Target Portfolio (and ultimately the shareholders of that Target Portfolio) will bear $40,000 of the costs.

What are the Federal Income Tax Consequences of the Reorganizations?

As a condition to the closing of each Reorganization, the applicable Target Portfolio and Destination Portfolio must receive an opinion of Morgan, Lewis & Bockius LLP to the effect that the Reorganization will constitute a “reorganization” within the meaning of Section 368 of the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, it is expected that neither you nor the applicable Destination Portfolio nor, in general, your Target Portfolio will recognize gain or loss as a direct result of the Reorganization of your Target Portfolio, and that the aggregate tax basis of the Destination Portfolio shares that you receive in the Reorganization will equal the aggregate tax basis of the Target Portfolio shares that you surrender in the Reorganization. However, in order to maintain its qualification for tax treatment as a regulated investment company and avoid portfolio-level taxes, each Target Portfolio will declare and pay a distribution of its realized net capital gains, if any, its undistributed investment company taxable income (computed without regard to the dividends-paid deduction), if any, and its net tax–exempt income, if any, for the taxable year ending on the Closing Date to its shareholders shortly before the applicable Reorganization. The corresponding Destination Portfolio may make a comparable distribution to its shareholders shortly before the Reorganization. In addition, following the Reorganization, the corresponding Destination Portfolio will declare and pay to its shareholders, for the taxable year in which the Reorganization occurs, a distribution of any remaining income and gains from such taxable year. All such distributions generally will be taxable to the shareholders, but as long as the Policies funded by the Target Portfolios or by the corresponding Destination Portfolios qualify to be treated as annuity contracts or life insurance policies under the Code, such distributions will not be currently taxable to the Policyowners and the Reorganization should not otherwise result in any tax liability to the Policyowners. For more information, see “Tax Status of the Reorganizations” in this Information Statement/Prospectus.

2

REORGANIZATION 1

TRANSAMERICA VOYA LIMITED MATURITY BOND VP

(the “Target Portfolio”)

TRANSAMERICA JPMORGAN CORE BOND VP

(the “Destination Portfolio”)

Summary

The following is a summary of more complete information appearing later in this Information Statement/Prospectus or incorporated herein. You should read carefully the entire Information Statement/Prospectus, including the exhibits, which include additional information that is not included in the summary and is a part of this Information Statement/Prospectus. Exhibit A is the form of Agreement and Plan of Reorganization. For a discussion of the terms of the Agreement and Plan of Reorganization, please see the section entitled “Terms of the Agreement and Plan of Reorganization” in the back of this Information Statement/Prospectus, after the discussion of the Reorganizations.

In the Reorganization, the Destination Portfolio will issue a number of its Initial Class and Service Class shares, as applicable, to the Target Portfolio having an aggregate net asset value equal to the aggregate net asset value of the Target Portfolio’s Initial Class and Service Class shares, respectively.

The consummation of the Reorganization is not contingent on the consummation of the other Reorganization.

Both the Target Portfolio and the Destination Portfolio are managed by Transamerica Asset Management, Inc. (“TAM”). The Target Portfolio is sub-advised by Voya Investment Management Co. LLC (“Voya”) and the Destination Portfolio is sub-advised by J.P. Morgan Investment Management, Inc. (“JPMorgan”). The Target Portfolio and Destination Portfolio have substantially similar investment objectives, and similar principal investment strategies and policies, and related risks. The tables below provide a comparison of certain features of the Portfolios. In the tables below, if a row extends across the entire table, the information disclosed applies to both the Destination Portfolio and the Target Portfolio.

Comparison of Transamerica Voya Limited Maturity Bond VP

and Transamerica JPMorgan Core Bond VP

	Transamerica Voya Limited Maturity Bond VP	Transamerica JPMorgan Core Bond VP
Investment Objective	Seeks high current income consistent with low risk to principal and liquidity. As a secondary objective, the portfolio seeks to enhance its total return through capital appreciation when market factors, such as falling interest rates and rising bond prices, indicate that capital appreciation may be available without significant risk to principal.	Seeks total return, consisting of current income and capital appreciation.
Principal investment strategies	Under normal market conditions, the portfolio’s sub-adviser, Voya Investment Management Co. LLC (the “sub-adviser”) invests at least 80% of the portfolio’s net assets (plus the amount of borrowing, if any, for investment purposes) in a portfolio of bonds that are limited maturity debt securities. These limited maturity debt securities have remaining maturities of seven years or less. The average dollar-weighted maturity of the portfolio generally will not exceed 5 years. For the portfolio’s holdings in asset-backed, mortgage-backed and similar securities, weighted average life will be used in the calculation. Under normal market conditions, the portfolio maintains significant exposure to government securities. The portfolio invests in non-government debt securities, issued by companies of all sizes, only if rated investment-grade by a nationally recognized statistical rating organization (e.g. , Baa3 or better by Moody’s Investors Service, Inc. (“Moody’s”) or BBB- or better by Standard & Poor’s Ratings Services (“S&P”) or BBB- or better by Fitch Ratings (“Fitch”)) or, if not rated by Moody’s, S&P or Fitch, if the sub-adviser determines at the time of purchase that they are of comparable quality. Money market securities must be rated in the two highest rating categories by Moody’s (P-1 or P-2), S&P (A-1+, A-1 or A-2) or Fitch (A-1+, A-1 or A-2), or determined, at the time of purchase, to be of comparable quality by the sub-adviser.	The portfolio’s sub-adviser, J.P. Morgan Investment Management Inc. (the “sub-adviser”), seeks to achieve the portfolio’s objective by investing, under normal circumstances, at least 80% of the portfolio’s net assets (plus the amount of borrowings, if any, for investment purposes) in bonds, including (without limitation): •       U.S. government securities, including Treasury obligations and government sponsored enterprises such as Fannie Mae, Ginnie Mae, Freddie Mac and securities issued by other government agencies and instrumentalities •       Medium- to high-quality corporate bonds •       Mortgage-backed securities, including U.S. agency and non-agency pass through and collateralized mortgage obligations (“CMOs”) •       Asset-backed securities •       Commercial mortgage-backed securities (“CMBS”) Generally, such bonds will have intermediate to long maturities. To a lesser extent, the portfolio may invest in: •       U.S. dollar-denominated foreign bonds •       Short-term securities, including agency discount notes, commercial paper and money market funds

3

	The portfolio may also invest in: preferred stocks; U.S. government securities, securities of foreign governments, and supranational organizations; mortgage bonds; municipal bonds, notes, and commercial paper; and debt securities of foreign issuers. The portfolio may engage in dollar roll transactions and swap agreements, including credit default swaps. The portfolio may use options and futures contracts involving securities, securities indices and interest rates to hedge against market risk, to enhance returns and as a substitute for conventional securities. A portion of the portfolio’s assets may be invested in mortgage-backed and asset-backed debt securities. In addition, private placements of debt securities (which are often restricted securities) are eligible for purchase along with other illiquid securities, subject to appropriate limits. The portfolio may borrow up to 10% of its net assets. This amount may be increased to 25% for temporary purposes. The sub-adviser utilizes the following decision making process to achieve the portfolio’s objectives: Active Duration Management. The average duration of the portfolio is actively managed relative to the benchmark’s average duration. In rising interest rate environments, the average duration will tend to be equal to or less than the benchmark and in falling interest rate environments, the average duration will tend to be greater than the benchmark; Yield Curve Analysis. The yield curve shape is assessed to identify the risk/reward trade-off of maturity decisions and market expectations of future interest rates; Sector Selection. Sectors are overweighted or underweighted relative to the benchmark based on sector analysis and market opportunities. Sectors are broadly defined to include U.S. Treasury securities, U.S. government agency securities, corporate securities, mortgage-backed securities, asset-backed securities, and money market securities. The sub-adviser may further evaluate groupings within sectors such as various industry groups within the corporate securities sector (e.g., finance, industrials, utilities, etc.); and Security Selection. The sub-adviser emphasizes individual securities with positive credit fundamentals, liquidity, and relative value within their respective sectors. The sub-adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others.	The portfolio may invest in bonds and other debt securities that are rated in the lowest investment grade category. The portfolio’s average weighted maturity will ordinarily range between four and 12 years. The sub-adviser analyzes four major factors in managing and constructing the portfolio’s portfolio: duration, market sector, maturity concentrations and individual securities. The sub-adviser looks for market sectors and individual securities that it believes will perform well over time. The sub-adviser is value oriented and selects individual securities after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, and the complex legal and technical structure of the transaction. The portfolio may use futures contracts, options, swaps and other derivatives as tools in the management of portfolio assets. The portfolio may use derivatives as a substitute for various investments, to alter the investment characteristics of the portfolio, for risk management and/or to increase income or gain to the portfolio.
Investment manager	TAM
Sub–adviser	Voya	JPMorgan
Portfolio managers	Christine Hurtsellers, CFA – Portfolio Manager since 2013 Matthew Toms, CFA – Portfolio Manager since 2013	Barbara Miller – Portfolio Manager since 2015 Peter Simons, CFA – Portfolio Manager since 2015 Richard Figuly, CFA – Portfolio Manager since 2016
	The Portfolios’ statement of additional information provides additional information about the portfolio manager(s)’ compensation, other accounts managed by the portfolio manager(s), and the portfolio manager(s)’ ownership of securities in the Portfolios.
Net assets (as of August 31, 2016)	$86,083,046	$761,879,945

4

Classes of Shares, Fees and Expenses

	Transamerica Voya Limited Maturity Bond VP	Transamerica JPMorgan Core Bond VP
Initial Class sales charges and fees	Initial Class shares are offered without an initial sales charge and are not subject to a contingent deferred sales charge. Initial Class shares can have up to a maximum Rule 12b-1 fee equal to an annual rate of 0.15% (expressed as a percentage of average daily net assets of the Portfolio), but TST does not intend to pay any distribution fees for Initial Class shares through May 1, 2017. TST reserves the right to pay such fees after that date.
Service Class sales charges and fees	Service Class shares are offered without an initial sales charge and are not subject to a contingent deferred sales charge. Service Class shares have a maximum Rule 12b–1 fee equal to an annual rate of 0.25% (expressed as a percentage of average daily net assets of the Portfolio), which is used to pay distribution and service fees for the sale and distribution of the Portfolio’s shares and to pay for non–distribution activities and services provided to shareholders. These services include compensation to financial intermediaries that sell Portfolio shares and/or service shareholder accounts.
Management fees	TAM receives compensation, calculated daily and paid monthly, from the Target Portfolio at an annual rate (expressed as a specified percentage of the Portfolio’s average daily net assets) of 0.53% of the first $250 million; 0.505% over $250 million up to $1 billion; and 0.49% in excess of $1 billion.	TAM receives compensation, calculated daily and paid monthly, from the Destination Portfolio at an annual rate (expressed as a specified percentage of the Portfolio’s average daily net assets) of 0.48% of the first $750 million; 0.43% over $750 million up to $1 billion; and 0.405% in excess of $1 billion.
Fee waiver and expense limitations	TAM has contractually undertaken through May 1, 2017 to pay expenses on behalf of the portfolio to the extent normal operating expenses (including investment advisory fees but excluding, as applicable, 12b–1 fees, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the portfolio’s business) exceed, as a percentage of the portfolio’s average daily net assets, 0.88%. TAM is entitled to reimbursement by the portfolio of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized portfolio operating expenses are less than the cap.	TAM has contractually undertaken through May 1, 2017 to pay expenses on behalf of the portfolio to the extent normal operating expenses (including investment advisory fees but excluding, as applicable, 12b–1 fees, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the portfolio’s business) exceed, as a percentage of the portfolio’s average daily net assets, 0.70%. TAM is entitled to reimbursement by the portfolio of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized portfolio operating expenses are less than the cap.
	For a comparison of the gross and net expenses of the Portfolios, please see the class fee tables in “The Portfolios’ Fees and Expenses” below.

Comparison of Principal Risks of Investing in the Portfolios

Because the Portfolios have substantially similar investment objectives and similar principal investment strategies and policies, they are subject to similar principal risks. Risk is inherent in all investing. The value of your investment in a Portfolio, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in a Portfolio or your investment may not perform as well as other similar investments.

Your primary risk in investing in the Portfolios is you could lose money. You should carefully assess the risks associated with an investment in the Portfolios.

Each Portfolio is subject to the following principal risks (in alphabetical order) of investing in the Portfolio:

• Counterparty – The portfolio will be subject to credit risk (meaning the risk of adverse changes in an issuer’s real or perceived financial strength) with respect to counterparties to derivatives, repurchase agreements and other financial contracts entered into by the portfolio or held by special purpose or structured vehicles. Adverse changes to counterparties may cause the value of financial contracts to go down. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the portfolio may decline.

• Credit – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the portfolio or a counterparty to a financial contract with the portfolio defaults or is downgraded, or is perceived to be less creditworthy, or if the value of any underlying assets declines, the value of your investment will typically decline. Below investment grade, high-yield debt securities (commonly known as “junk bonds”) have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness.

• Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation.

5

• Derivatives – Using derivatives exposes the portfolio to additional risks and can increase portfolio losses and reduce opportunities for gains when market prices, interest rates, currencies, or the derivatives themselves, behave in a way not anticipated by the portfolio. Using derivatives also can have a leveraging effect and increase portfolio volatility. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the portfolio. Use of derivatives may have different tax consequences for the portfolio than an investment in the underlying security, and those differences may affect the amount, timing and character of income distributed to shareholders. The U.S. government and foreign governments are in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets. For additional information regarding derivatives, see “More on Risks of Investing in the Portfolio — More on Principal Risks: Derivatives” in the prospectus. In addition, the SEC has proposed a new rule that would change the regulation of the use of derivatives by registered investment companies, such as the portfolio. If the proposed rule takes effect, it could limit the ability of the portfolio to invest in derivatives.

• Extension – When interest rates rise, repayments of fixed income securities, particularly asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause the portfolio’s share price to be more volatile.

• Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the portfolio faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities.

• Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the portfolio may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, reduction of government or central bank support, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities.

• Interest Rate – Interest rates in the U.S. have been at historically low levels, so the portfolio faces a heightened risk that interest rates may rise. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the portfolio may also go down. Debt securities have varying levels of sensitivity to changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the portfolio.

• Legal and Regulatory – Legal and regulatory changes could occur that may adversely affect the portfolio, its investments, and its ability to pursue its investment strategies and/or increase the costs of implementing such strategies. Certain changes have already been proposed and additional changes are expected. New or revised laws or regulations may be imposed by the U.S. Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission, the Internal Revenue Service, the U.S. Federal Reserve or other governmental regulatory authorities or self-regulatory organizations that could adversely affect the portfolio. The portfolio also may be adversely affected by changes in the enforcement or interpretation of existing statutes and rules by governmental regulatory authorities or self-regulatory organizations.

• Leveraging – The value of your investment may be more volatile to the extent that the portfolio borrows or uses derivatives or other investments that have a leveraging effect on the portfolio. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the portfolio would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the portfolio’s assets. The portfolio also may have to sell assets at inopportune times to satisfy its obligations.

• Liquidity – The portfolio may make investments that are illiquid or that become illiquid after purchase. Investments may become illiquid due to the lack of an active market, a reduced number of traditional market participants, or reduced capacity of traditional market participants to make a market in securities. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible for the portfolio to sell, particularly during times of market turmoil. These

6

illiquid investments can be difficult to value. If the portfolio is forced to sell an illiquid investment to meet redemption requests or other cash needs, the portfolio may be forced to sell at a loss. The portfolio may not receive its proceeds from the sale of certain securities for an extended period (for example, several weeks or even longer).

• Management – The portfolio is subject to the risk that the Investment Manager’s or sub-adviser’s judgments and decisions may be incorrect or otherwise may not produce the desired results. The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield or value of, or market trends affecting, a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates, is incorrect. The portfolio may also suffer losses if there are imperfections, errors or limitations in the tools, resources, information and data used, or the analyses employed or relied on, by the sub-adviser, or if the sub-adviser’s investment style is out of favor or otherwise fails to produce the desired results. The portfolio’s investment strategies designed by the investment manager may not work as intended. In addition, the portfolio’s investment strategies or policies may change from time to time. Those changes may not lead to the results intended by the investment manager and could have an adverse effect on the value or performance of the portfolio. Any of these things could cause the portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

• Market – The market prices of the portfolio’s securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The portfolio may experience a substantial or complete loss on any individual security.

In the past several years, financial markets, such as those in the United States, Europe, Asia and elsewhere, have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread.

The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. The Federal Reserve recently has reduced its market support activities. Further reduction or withdrawal of Federal Reserve or other U.S. or non-U.S. governmental or central bank support, including interest rate increases, could negatively affect financial markets, generally increase market volatility and reduce the value and liquidity of securities in which the portfolio invests.

Policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and may in some instances contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time.

Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the portfolio invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the portfolio’s investments may be negatively affected.

• Mortgage-Related and Asset-Backed Securities – The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be issued by private issuers, by government-sponsored entities such as Fannie Mae or Freddie Mac or by agencies of the U.S. government, such as Ginnie Mae. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Unlike mortgage-related securities issued or guaranteed by agencies of the U.S. government or government-sponsored entities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. The risk of default is generally higher in the case of mortgage backed investments that include so-called “sub-prime” mortgages. The structure of some of these securities may be complex and there may be less information available than for other types of debt securities. Upon the occurrence of certain triggering events or defaults, the portfolio may become the holder of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss.

7

• Prepayment or Call – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the portfolio will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The portfolio also may lose any premium it paid on the security.

• U.S. Government Agency Obligations – Government agency obligations have different levels of credit support and, therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. government that are supported by the full faith and credit of the U.S. generally present a lesser degree of credit risk than securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the issuer’s right to borrow from the U.S. Treasury and securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the credit of the issuing agencies.

• Valuation – The sales price the portfolio could receive for any particular portfolio investment may differ from the portfolio’s valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. The portfolio’s ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third party service providers.

The Target Portfolio is subject to the following related principal risks:

• Active Trading – The portfolio is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would generally be subject to tax at ordinary income tax rates upon distribution.

• Dollar Rolls – The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money for investment purposes. Dollar roll transactions involve the risk that the market value of the securities the portfolio is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the portfolio sells securities becomes insolvent, the portfolio’s right to purchase or repurchase securities may be restricted.

• Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility.

• Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the portfolio fall, the value of your investment in the portfolio will decline.

• High-Yield Debt Securities – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments.

• Investment Companies – To the extent that the portfolio invests in other investment companies, such as closed-end or exchange-traded funds, it is subject to the risks of these investment companies and bears its pro rata share of the investment companies’ expenses.

• Municipal Securities – Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. Unfavorable conditions and developments relating to projects financed with municipal securities can result in lower revenues to issuers of municipal securities, potentially resulting in defaults. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the portfolio invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenues, or that relate to a sector or industry, the portfolio will be more susceptible to associated risks and developments. In recent periods an increasing number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

8

• Preferred Stock – Preferred stock’s right to dividends and liquidation proceeds is junior to the rights of a company’s debt securities. The value of preferred stock may be subject to factors that affect fixed income and equity securities, including changes in interest rates and in a company’s creditworthiness. The value of preferred stock tends to vary more with fluctuations in the underlying common stock and less with fluctuations in interest rates and tends to exhibit greater volatility. Shareholders of preferred stock may suffer a loss of value if dividends are not paid and have limited voting rights.

• Rule 144A and Privately Placed Securities – The portfolio’s investments may include privately placed securities such as Rule 144A securities, which are subject to resale restrictions. Rule 144A permits certain qualified institutional buyers, such as the portfolio, to trade in privately placed securities that have not been registered for sale to the public. Rule 144A and other privately placed securities may be deemed illiquid, and the portfolio might be unable to dispose of such securities promptly or at reasonable prices.

• Small and Medium Capitalization Companies – The portfolio will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

• Sovereign Debt – Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

The Portfolios’ Past Performance

The bar charts and the tables below provide some indication of the risks of investing in the Portfolios by showing you how the performance of each Portfolio’s Initial Class shares has varied from year to year since inception, and how the average annual total returns of each Portfolio’s Initial Class shares for different periods compare to the returns of a broad measure of market performance. Absent any applicable limitation of or cap on a Portfolio’s expenses, performance would have been lower. Each Portfolio’s Service Class shares will have different performance because they have different expenses than the Portfolio’s Initial Class shares. In the “Since Inception” column of the table, share class returns are for since inception of the applicable share class. Index returns are since the inception of the oldest share class. The performance calculations do not reflect charges or deductions that are, or may be, imposed under your variable life insurance policy or variable annuity contract; if they did, the performance would have been lower. A Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. Following the Reorganization, the Destination Portfolio will be the surviving fund for accounting and performance purposes.

Updated performance information is available on our website at www.transamericaseriestrust.com/content/Performance.aspx or by calling 1-888-233-4339.

9

Transamerica Voya Limited Maturity Bond VP

Annual Total Returns (calendar years ended December 31) – Initial Class

	Quarter Ended	Return
Best Quarter:	3/31/2015		0.60	%
Worst Quarter:	12/31/2015		-0.30	%
Year-to-date return	9/30/2016		1.64	%

Average Annual Total Returns (periods ended December 31, 2015)

	1 Year			Since Inception			Inception Date
Initial Class		0.41	%		0.40	%		5/01/2013
Service Class		0.29	%		0.17	%		5/01/2013
Barclays 1-3 Year U.S. Government/Credit Index (reflects no deduction for fees, expenses or taxes)		0.65	%		0.64	%

Transamerica JPMorgan Core Bond VP

Annual Total Returns (calendar years ended December 31) – Initial Class

	Quarter Ended	Return
Best Quarter:	12/31/2008		4.64	%
Worst Quarter:	6/30/2013		-2.03	%
Year-to-date return	9/30/2016		5.50	%

Average Annual Total Returns (periods ended December 31, 2015)

	1 Year			5 Years			10 Years			Inception Date
Initial Class		0.61	%		3.26	%		5.03	%		10/02/1986
Service Class		0.33	%		3.00	%		4.76	%		5/01/2003
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)		0.55	%		3.25	%		4.51	%

10

The Portfolios’ Fees and Expenses

Shareholders of the Portfolios pay various fees and expenses, either directly or indirectly. The table below shows the fees and expenses that you would pay if you were to buy and hold shares of each Portfolio, but it does not reflect any charges that are, or may be, imposed under the policies or the annuity contracts. If such charges were reflected, fees would be higher. The fees and expenses for the Target Portfolio and Destination Portfolio in the tables appearing below are based on the fees and expenses for the fiscal year ended December 31, 2015. The table also shows the pro forma expenses of the combined Destination Portfolio after giving effect to the Reorganization based on pro forma net assets as of June 30, 2016. Pro forma numbers are estimated in good faith and are hypothetical. Actual expenses may vary significantly.

	Transamerica Voya Limited Maturity Bond VP			Transamerica JPMorgan Core Bond VP			Combined Portfolios (Pro Forma)
	Initial Class			Initial Class			Initial Class
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management Fees		0.53	%		0.48	%		0.48	%
Distribution and Service (12b–1) Fees(1)		0.00	%		0.00	%		0.00	%
Other Expenses		0.11	%		0.07	%		0.06	%
Total Annual Fund Operating Expenses		0.64	%		0.55	%		0.54	%
	Transamerica Voya Limited Maturity Bond VP			Transamerica JPMorgan Core Bond VP			Combined Portfolios (Pro Forma)
	Service Class			Service Class			Service Class
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management Fees		0.53	%		0.48	%		0.48	%
Distribution and Service (12b–1) Fees		0.25	%		0.25	%		0.25	%
Other Expenses		0.11	%		0.07	%		0.06	%
Total Annual Fund Operating Expenses		0.89	%		0.80	%		0.79	%

⁽¹⁾  The portfolio does not intend to pay any 12b-1 fees on Initial Class shares through May 1, 2017. The maximum 12b-1 fee on Initial Class shares is 0.15%. The portfolio reserves the right to pay such fees after that date.

Example

The hypothetical example below helps you compare the cost of investing in each Portfolio. The example assumes that:

• you invest $10,000 in each Portfolio;

• you reinvest all dividends and distributions without a sales charge;

• you hold your shares for the time periods shown and then redeem all of your shares at the end of those periods;

• your investment has a 5% annual return (this assumption is required by the SEC and is not a prediction of the Portfolio’s future performance); and

• each Portfolio’s operating expenses remain the same.

11

The example also assumes no fees for variable life insurance policies or variable annuity contracts, if applicable. Costs are the same whether you redeem at the end of any period or not. Pro forma expenses are included assuming the Reorganization of the Portfolio. The example is for comparison purposes only and is not a representation of any Portfolio’s actual expenses or returns, either past or future. Because actual return and expenses will be different, the example is for comparison only.

Number of Years You Own your Shares	Transamerica Voya Limited Maturity Bond VP		Transamerica JPMorgan Core Bond VP		Combined Portfolios (Pro Forma)
Initial Class
Year 1	$	65	$	56	$	55
Year 3	$	237	$	209	$	173
Year 5	$	424	$	375	$	302
Year 10	$	964	$	856	$	677
Service Class
Year 1	$	91	$	82	$	81
Year 3	$	284	$	255	$	252
Year 5	$	493	$	444	$	439
Year 10	$	1,096	$	990	$	978

Portfolio Turnover

Each Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example above, affect a Portfolio’s performance. During the Target Portfolio’s most recent fiscal year ended December 31, 2015 the portfolio turnover rate was 264% of the average value of the Target Portfolio’s portfolio. During the Destination Portfolio’s most recent fiscal year ended December 31, 2015, the portfolio turnover rate was 19% of the average value of the Destination Portfolio’s portfolio.

Reasons for the Proposed Reorganization

The Board of the Target Portfolio, including its Independent Trustees, has unanimously determined that the proposed Reorganization would be in the best interests of the Target Portfolio and would not dilute the interests of the existing shareholders of the Target Portfolio. The same Board oversees the Destination Portfolio, and both the full Board and the Independent Trustees also have unanimously determined that the Reorganization would be in the best interests of the Destination Portfolio and would not dilute the interests of the existing shareholders of the Destination Portfolio. The Board believes that the proposed Reorganization will be advantageous to the shareholders of each Portfolio. In determining whether to approve the Reorganization, the Trustees considered the potential impact of the proposed Reorganization on the Portfolios’ shareholders and a variety of related factors and considerations that they believed, in light of the legal advice furnished to them by fund counsel and independent legal counsel and their own business judgment, to be relevant, including those set forth below. The Board based its determinations on such considerations, although the Board did not identify any consideration or particular information that was controlling of its determinations and each Trustee may have attributed different weights to the various factors considered.

General Considerations

• The Trustees considered that the Target Portfolio would not be viable after the expected re-allocation of assets away from the Target Portfolio by certain asset allocation funds and would have to be liquidated or otherwise addressed, and pending that resolution could not effectively seek its investment objective.

• The Trustees noted that TAM believes that the larger combined asset base resulting from the Reorganization will provide greater potential for operating efficiencies and economies of scale, including the potential for lower management fees and total expenses for shareholders of the Target Portfolio and, for the Destination Portfolio, there would be the opportunity to better diversify its holdings, effect larger portfolio transactions and spread fixed costs over a larger asset base.

• The Trustees considered that the investment objective of the Target Portfolio and Destination Portfolio are substantially similar and the constituent portfolios’ strategies are similar (although there are differences).

• The Trustees noted TAM’s desire to offer a more consolidated investment lineup of TST portfolios within the Transamerica variable annuity products, and to eliminate redundancies in the TST product line strengthening TAM’s ability to pursue investment and marketing opportunities that may benefit the Destination Portfolio.

12

Fees and Expenses

• The Trustees assessed the information that was provided in advance of the meeting of the Board regarding fees and expenses for the Portfolios involved in the Reorganization, as well as projected expense ratios of the Destination Portfolio following the Reorganization.

• The Trustees considered that, based on the anticipated asset levels following the Reorganization, the management fee paid by the combined Destination Portfolio is expected to be lower than that paid by the Target Portfolio.

• The Trustees also considered that the net expense ratio of each class of shares of the combined Destination Portfolio is expected to be lower than the net expense ratio of the corresponding class of shares of the Target Portfolio.

• The Trustees considered that, in light of the benefits expected to be received by the Target Portfolio as a result of the Reorganization, the expenses associated with the preparation, printing and mailing of any shareholder communications, including the Information Statement/Prospectus, and any regulatory filings in connection with the Reorganization would be borne by the Target Portfolio.

Investment Performance

• The Trustees considered the relative investment performance of the Portfolios and whether performance and investment flexibility have the potential to be enhanced if the assets of each Portfolio are combined.

• The Trustees considered that the Destination Portfolio has performed better than the Target Portfolio since the inception of the Target Portfolio. The Destination Portfolio’s trailing 1-year, 3-year and since inception returns are superior to that of the Target Portfolio. Risk-adjusted returns are superior for the Destination Portfolio in the 1-year period, but are otherwise slightly below that of the Target Portfolio, primarily due to slightly higher volatility of the Destination Portfolio, the primary source of which is the longer duration profile of the portfolio.

Tax

• The Trustees considered the expected tax-free nature of the Reorganization for federal income tax purposes.

Investment Program

• The Trustees considered the investment objective, strategies and policies of the Destination Portfolio and their compatibility with those of the Target Portfolio. In this regard, the Trustees noted that the assets of the Portfolios are managed in accordance with similar investment objectives and investment strategies.

• The Trustees considered that TAM is the manager to the Target Portfolio and the Destination Portfolio and that Voya is the sub-adviser to the Target Portfolio and JPMorgan is the sub-adviser to the Destination Portfolio.

Other Considerations

• The Trustees considered the terms and conditions of the Agreement and Plan of Reorganization.

• The Trustees took into consideration the fact that the Target Portfolio and Destination Portfolio have the same valuation policies and procedures and use the same pricing vendors.

13

CAPITALIZATION

The following table sets forth the capitalization of the Target Portfolio and the Destination Portfolio as of September 15, 2016 and the pro forma combined capitalization of the combined Destination Portfolio as if the Reorganization had occurred on that date. If the Reorganization is consummated, the actual exchange ratios on the Closing Date may vary from the exchange ratios used in the computation below. This is due to changes in the market value of the portfolio securities of both Portfolios between September 15, 2016 and the Closing Date, changes in the amount of undistributed net investment income and net realized capital gains of the Portfolios during that period resulting from income and distributions, and changes in the accrued liabilities of the Portfolios during the same period.

	Transamerica Voya Limited Maturity Bond VP		Transamerica JPMorgan Core Bond VP		Pro Forma Adjustments(A)			Combined
Net Assets by Class
Initial Class	$	85,377,416	$	499,868,590	$	(26,303	)	$	585,219,703
Service Class	$	754,948	$	260,291,908	$	(13,697	)	$	261,033,159
Total	$	86,132,364	$	760,160,498	$	(40,000	)	$	846,252,862
Shares Outstanding
Initial Class		8,499,136		37,926,745		(2,021,335	)		44,404,546
Service Class		75,389		18,527,840		(21,656	)		18,581,573
Net asset value per share
Initial Class	$	10.05	$	13.18	$	(10.05	)	$	13.18
Service Class	$	10.01	$	14.05	$	(10.01	)	$	14.05

(A) Pro Forma Adjustments are due to the cost of the Reorganization.

It is impossible to predict with any certainty how many shares of the Destination Portfolio will actually be received and distributed by the Target Portfolio on the Closing Date. The foregoing table should not be relied upon to determine the amount of Destination Portfolio shares that will actually be received and distributed.

ADDITIONAL INFORMATION

For information relating to each Portfolio and the Reorganization, including tax capital loss carryforwards, the tax status of the Reorganization, a comparison of the fundamental investment policies of the Portfolios, how to buy, sell or exchange Portfolio shares, how each Portfolio values its securities, financial highlights information for each Portfolio and ownership of shares of the Portfolios, please see the sections immediately following the discussion of Reorganization 2.

14

REORGANIZATION 2

TRANSAMERICA VOYA MID CAP OPPORTUNITIES VP

(the “Target Portfolio”)

TRANSAMERICA JANUS MID-CAP GROWTH VP

(the “Destination Portfolio”)

Summary

The following is a summary of more complete information appearing later in this Information Statement/Prospectus or incorporated herein. You should read carefully the entire Information Statement/Prospectus, including the exhibits, which include additional information that is not included in the summary and is a part of this Information Statement/Prospectus. Exhibit A is the form of Agreement and Plan of Reorganization. For a discussion of the terms of the Agreement and Plan of Reorganization, please see the section entitled “Terms of the Agreement and Plan of Reorganization” in the back of this Information Statement/Prospectus, after the discussion of the Reorganizations.

In the Reorganization, the Destination Portfolio will issue a number of its Initial Class and Service Class shares, as applicable, to the Target Portfolio having an aggregate net asset value equal to the aggregate net asset value of the Target Portfolio’s Initial Class and Service Class shares, respectively.

The consummation of the Reorganization is not contingent on the consummation of the other Reorganization.

Both the Target Portfolio and the Destination Portfolio are managed by Transamerica Asset Management, Inc. (“TAM”). The Target Portfolio is sub-advised by Voya Investment Management Co. LLC (“Voya”) and the Destination Portfolio is sub-advised by Janus Capital Management LLC (“Janus”). The Target Portfolio and the Destination Portfolio have the same investment objective and similar principal investment strategies and policies, and related risks. The tables below provide a comparison of certain features of the Portfolios. In the tables below, if a row extends across the entire table, the information disclosed applies to both the Destination Portfolio and the Target Portfolio.

Comparison of Transamerica Voya Mid Cap Opportunities VP

and Transamerica Janus Mid-Cap Growth VP

	Transamerica Voya Mid Cap Opportunities VP	Transamerica Janus Mid-Cap Growth VP
Investment Objective	Seeks long-term capital appreciation.
Principal investment strategies	Under normal market conditions, the portfolio’s sub-adviser, Voya Investment Management Co. LLC (the “sub-adviser”) invests at least 80% of the portfolio’s net assets (plus the amount of any borrowings, if any, for investment purposes) in common stocks of mid-sized U.S. companies. The portfolio normally invests in companies that the sub-adviser believes have above average prospects for growth. The sub-adviser generally defines mid cap stocks as stocks of companies with capitalizations within the range of companies included in the Russell Midcap® Growth Index at the time of purchase, which as of December 31, 2015 was between $451 million and $30.4 billion. The portfolio may also invest in derivative instruments including futures or index futures that have a similar profile to the benchmark of the portfolio. The portfolio typically uses derivatives for the purpose of maintaining equity market exposure on its cash balance. The portfolio may also invest in foreign securities. The portfolio may invest in other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder.	The portfolio’s sub-adviser, Janus Capital Management LLC (the “sub-adviser”), under normal conditions, invests primarily in common stocks selected for their growth potential, and normally invests at least 80% of the portfolio’s net assets (plus the amount of borrowings for investment purposes) in equity securities of medium-sized companies. Medium-sized companies are those whose market capitalization falls within the range of companies included in the Russell Midcap® Growth Index, which as of December 31, 2015, was between $2 billion and $30 billion. The portfolio may also invest in foreign securities, which may include investments in emerging markets, and it may invest up to 5% of its net assets in exchange traded funds. The sub-adviser applies a “bottom-up” approach in choosing investments. In other words, the portfolio manager looks at companies one at a time to determine if a company is an attractive investment opportunity and if it is consistent with the portfolio’s investment policies.

15

	The sub-adviser uses a stock selection process that combines the discipline of quantitative screens with rigorous fundamental security analysis. The quantitative screens focus the fundamental analysis by seeking to identify the stocks of companies with strong business momentum that demonstrate relative price strength, and have a perceived value not reflected in the current price. The objective of the fundamental analysis is to confirm the persistence of the company’s revenue and earnings growth and validate the sub-adviser’s expectations for earnings estimate revisions, particularly relative to consensus. A determination of reasonable valuation for individual securities is based on the judgment of the sub-adviser. The sub-adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others.
Investment adviser	TAM
Sub–adviser	Voya	Janus
Portfolio managers	Jeffrey Bianchi, CFA – Portfolio Manager since 2013 Michael Pytosh – Portfolio Manager since 2013	Brian Demain, CFA – Portfolio Manager since 2016 Cody Wheaton, CFA – Portfolio Manager since 2016
	The Portfolios’ statement of additional information provides additional information about the portfolio manager(s)’ compensation, other accounts managed by the portfolio manager(s), and the portfolio manager(s)’ ownership of securities in the Portfolios.
Net assets (as of August 31, 2016)	$213,657,178	$573,046,333

Classes of Shares, Fees and Expenses

	Transamerica Voya Mid Cap Opportunities VP	Transamerica Janus Mid-Cap Growth VP
Initial Class sales charges and fees	Initial Class shares are offered without an initial sales charge and are not subject to a contingent deferred sales charge. Initial Class shares can have up to a maximum Rule 12b-1 fee equal to an annual rate of 0.15% (expressed as a percentage of average daily net assets of the Portfolio), but TST does not intend to pay any distribution fees for Initial Class shares through May 1, 2017. TST reserves the right to pay such fees after that date.
Service Class sales charges and fees	Service Class shares are offered without an initial sales charge and are not subject to a contingent deferred sales charge. Service Class shares have a maximum Rule 12b–1 fee equal to an annual rate of 0.25% (expressed as a percentage of average daily net assets of the Portfolio), which is used to pay distribution and service fees for the sale and distribution of the Portfolio’s shares and to pay for non–distribution activities and services provided to shareholders. These services include compensation to financial intermediaries that sell Portfolio shares and/or service shareholder accounts.
Management fees	TAM receives compensation, calculated daily and paid monthly, from the Target Portfolio at an annual rate (expressed as a specified percentage of the Portfolio’s average daily net assets) of 0.86% of the first $100 million; 0.845% over $100 million up to $1 billion; and 0.83% in excess of $1 billion.	TAM receives compensation, calculated daily and paid monthly, from the Destination Portfolio at an annual rate (expressed as a specified percentage of the Portfolio’s average daily net assets) of 0.805% of the first $500 million; 0.77% over $500 million up to $1 billion; and 0.75% in excess of $1 billion.
Fee waiver and expense limitations	TAM has contractually undertaken through May 1, 2017 to pay expenses on behalf of the portfolio to the extent normal operating expenses (including investment advisory fees but excluding, as applicable, 12b–1 fees, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the portfolio’s business) exceed, as a percentage of the portfolio’s average daily net assets, 1.15%. TAM is entitled to reimbursement by the portfolio of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized portfolio operating expenses are less than the cap.	TAM has contractually undertaken through May 1, 2017 to pay expenses on behalf of the portfolio to the extent normal operating expenses (including investment advisory fees but excluding, as applicable, 12b–1 fees, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the portfolio’s business) exceed, as a percentage of the portfolio’s average daily net assets, 1.00%. TAM is entitled to reimbursement by the portfolio of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized portfolio operating expenses are less than the cap.
	For a comparison of the gross and net expenses of the Portfolios, please see the class fee tables in “The Portfolios’ Fees and Expenses” below.

16

Comparison of Principal Risks of Investing in the Portfolios

Because the Portfolios have the same investment objectives and similar principal investment strategies and policies, they are subject to similar principal risks. Risk is inherent in all investing. The value of your investment in a Portfolio, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in a Portfolio or your investment may not perform as well as other similar investments.

Your primary risk in investing in the Portfolios is you could lose money. You should carefully assess the risks associated with an investment in the Portfolios.

Each Portfolio is subject to the following principal risks (in alphabetical order) of investing in the Portfolio:

• Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation.

• Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the portfolio fall, the value of your investment in the portfolio will decline.

• Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the portfolio may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities.

• Growth Stocks – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.

• Legal and Regulatory – Legal and regulatory changes could occur that may adversely affect the portfolio, its investments, and its ability to pursue its investment strategies and/or increase the costs of implementing such strategies. Certain changes have already been proposed and additional changes are expected. New or revised laws or regulations may be imposed by the U.S. Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission, the Internal Revenue Service, the U.S. Federal Reserve or other governmental regulatory authorities or self-regulatory organizations that could adversely affect the portfolio. The portfolio also may be adversely affected by changes in the enforcement or interpretation of existing statutes and rules by governmental regulatory authorities or self-regulatory organizations.

• Management – The portfolio is subject to the risk that the Investment Manager’s or sub-adviser’s judgments and decisions may be incorrect or otherwise may not produce the desired results. The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield or value of, or market trends affecting, a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates, is incorrect. The portfolio may also suffer losses if there are imperfections, errors or limitations in the tools, resources, information and data used, or the analyses employed or relied on, by the sub-adviser, or if the sub-adviser’s investment style is out of favor or otherwise fails to produce the desired results. The portfolio’s investment strategies designed by the investment manager may not work as intended. In addition, the portfolio’s investment strategies or policies may change from time to time. Those changes may not lead to the results intended by the investment manager and could have an adverse effect on the value or performance of the portfolio. Any of these things could cause the portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

• Market – The market prices of the portfolio’s securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The portfolio may experience a substantial or complete loss on any individual security.

17

In the past several years, financial markets, such as those in the United States, Europe, Asia and elsewhere, have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread.

The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. The Federal Reserve recently has reduced its market support activities. Further reduction or withdrawal of Federal Reserve or other U.S. or non-U.S. governmental or central bank support, including interest rate increases, could negatively affect financial markets, generally increase market volatility and reduce the value and liquidity of securities in which the portfolio invests.

Policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and may in some instances contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time.

Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the portfolio invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the portfolio’s investments may be negatively affected.

• Medium Capitalization Companies – The portfolio will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

• Valuation – The sales price the portfolio could receive for any particular portfolio investment may differ from the portfolio’s valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. The portfolio’s ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third party service providers.

The Target Portfolio is subject to the following related principal risks:

• Counterparty – The portfolio will be subject to credit risk (meaning the risk of adverse changes in an issuer’s real or perceived financial strength) with respect to counterparties to derivatives, repurchase agreements and other financial contracts entered into by the portfolio or held by special purpose or structured vehicles. Adverse changes to counterparties may cause the value of financial contracts to go down. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the portfolio may decline.

• Derivatives – Using derivatives exposes the portfolio to additional risks and can increase portfolio losses and reduce opportunities for gains when market prices, interest rates, currencies, or the derivatives themselves, behave in a way not anticipated by the portfolio. Using derivatives also can have a leveraging effect and increase portfolio volatility. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the portfolio. Use of derivatives may have different tax consequences for the portfolio than an investment in the underlying security, and those differences may affect the amount, timing and character of income distributed to shareholders. The U.S. government and foreign governments are in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets. For additional information regarding derivatives, see “More on Risks of Investing in the Portfolio—More on Principal Risks: Derivatives” in the prospectus. In addition, the SEC has proposed a new rule that would change the regulation of the use of derivatives by registered investment companies, such as the portfolio. If the proposed rule takes effect, it could limit the ability of the portfolio to invest in derivatives.

• Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any

18

underlying assets declines. When market prices fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the portfolio faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities.

• Investment Companies – To the extent that the portfolio invests in other investment companies, such as closed-end or exchange-traded funds, it is subject to the risks of these investment companies and bears its pro rata share of the investment companies’ expenses.

• Leveraging – The value of your investment may be more volatile to the extent that the portfolio borrows or uses derivatives or other investments that have a leveraging effect on the portfolio. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the portfolio would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the portfolio’s assets. The portfolio also may have to sell assets at inopportune times to satisfy its obligations.

• Liquidity – The portfolio may make investments that are illiquid or that become illiquid after purchase. Investments may become illiquid due to the lack of an active market, a reduced number of traditional market participants, or reduced capacity of traditional market participants to make a market in securities. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible for the portfolio to sell, particularly during times of market turmoil. These illiquid investments can be difficult to value. If the portfolio is forced to sell an illiquid investment to meet redemption requests or other cash needs, the portfolio may be forced to sell at a loss. The portfolio may not receive its proceeds from the sale of certain securities for an extended period (for example, several weeks or even longer).

• Model and Data – If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) (“Models”) or information or data supplied by third parties (“Data”) prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model’s development, implementation and maintenance, the Model’s assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There can be no assurance that the use of Models will result in effective investment decisions for the portfolio.

The Destination Portfolio is subject to the following related principal risks:

• Active Trading – The portfolio is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would generally be subject to tax at ordinary income tax rates upon distribution.

• Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility.

• Exchange Traded Funds (ETFs) – Equity-based ETFs are subject to risks similar to those of stocks; fixed income-based ETFs are subject to risks similar to those of fixed-income securities. ETF shares may trade at a premium or discount to net asset value. ETFs are subject to secondary market trading risks. In addition, a portfolio will bear a pro rata portion of the operating expenses of an ETF in which it invests.

The Portfolios’ Past Performance

The bar charts and the tables below provide some indication of the risks of investing in the Portfolios by showing you how the performance of each Portfolio’s Initial Class shares has varied from year to year since inception, and how the average annual total returns of each Portfolio’s Initial Class shares for different periods compare to the returns of a broad measure of market performance. Absent any applicable limitation of or cap on a Portfolio’s expenses, performance would have been lower. Each Portfolio’s Service

19

Class shares will have different performance because they have different expenses than the Portfolio’s Initial Class shares. In the “Since Inception” column of the table, share class returns are for since inception of the applicable share class. Index returns are since the inception of the oldest share class. The performance calculations do not reflect charges or deductions that are, or may be, imposed under your variable life insurance policy or variable annuity contract; if they did, the performance would have been lower. A Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. Following the Reorganization, the Destination Portfolio will be the surviving fund for accounting and performance purposes.

Updated performance information is available on our website at www.transamericaseriestrust.com/content/Performance.aspx or by calling 1-888-233-4339.

Transamerica Voya Mid Cap Opportunities VP

Annual Total Returns (calendar years ended December 31) – Initial Class

	Quarter Ended	Return
Best Quarter:	12/31/2014		6.85	%
Worst Quarter:	9/30/2015		-7.35	%
Year-to-date return	9/30/2016		7.38	%

Average Annual Total Returns (periods ended December 31, 2015)

	1 Year			Since Inception			Inception Date
Initial Class		0.37	%		10.07	%	5/01/2013
Service Class		0.07	%		9.79	%	5/01/2013
Russell Midcap® Growth Index (reflects no deduction for fees, expenses or taxes)		-0.20	%		11.57	%

Transamerica Janus Mid-Cap Growth VP

Annual Total Returns (calendar years ended December 31) – Initial Class

	Quarter Ended	Return
Best Quarter:	6/30/2009		27.18	%
Worst Quarter:	12/31/2008		-25.90	%
Year-to-date return	9/30/2016		-2.20	%

Average Annual Total Returns (periods ended December 31, 2015)

	1 Year			5 Years			10 Years			Inception Date
Initial Class		-5.03	%		6.11	%		7.66	%		3/01/1993
Service Class		-5.26	%		5.84	%		7.38	%		5/01/2003
Russell Midcap® Growth Index (reflects no deduction for fees, expenses or taxes)		-0.20	%		11.54	%		8.16	%

20

The Portfolios’ Fees and Expenses

Shareholders of the Portfolios pay various fees and expenses, either directly or indirectly. The table below shows the fees and expenses that you would pay if you were to buy and hold shares of each Portfolio, but it does not reflect any charges that are, or may be, imposed under the policies or the annuity contracts. If such charges were reflected, fees would be higher. The fees and expenses for the Target Portfolio and Destination Portfolio in the tables appearing below are based on the fees and expenses for the fiscal year ended December 31, 2015. The table also shows the pro forma expenses of the combined Destination Portfolio after giving effect to the Reorganization based on pro forma net assets as of June 30, 2016. Pro forma numbers are estimated in good faith and are hypothetical. Actual expenses may vary significantly.

	Transamerica Voya Mid Cap Opportunities VP			Transamerica Janus Mid-Cap Growth VP			Combined Portfolios (Pro Forma)
	Initial Class			Initial Class			Initial Class
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management Fees		0.85	%		0.79	%		0.79	%
Distribution and Service (12b–1) Fees(1)		0.00	%		0.00	%		0.00	%
Other Expenses		0.05	%		0.05	%		0.04	%
Total Annual Fund Operating Expenses		0.90	%		0.84	%		0.83	%
	Transamerica Voya Mid Cap Opportunities VP			Transamerica Janus Mid-Cap Growth VP			Combined Portfolios (Pro Forma)
	Service Class			Service Class			Service Class
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None
Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management Fees		0.85	%		0.79	%		0.79	%
Distribution and Service (12b–1) Fees		0.25	%		0.25	%		0.25	%
Other Expenses		0.05	%		0.05	%		0.04	%
Total Annual Fund Operating Expenses		1.15	%		1.09	%		1.08	%

⁽¹⁾  The portfolio does not intend to pay any 12b-1 fees on Initial Class shares through May 1, 2017. The maximum 12b-1 fee on Initial Class shares is 0.15%. The portfolio reserves the right to pay such fees after that date.

Example

The hypothetical example below helps you compare the cost of investing in each Portfolio. The example assumes that:

• you invest $10,000 in each Portfolio;

• you reinvest all dividends and distributions without a sales charge;

• you hold your shares for the time periods shown and then redeem all of your shares at the end of those periods;

• your investment has a 5% annual return (this assumption is required by the SEC and is not a prediction of the Portfolio’s future performance); and

• each Portfolio’s operating expenses remain the same.

21

The example also assumes no fees for variable life insurance policies or variable annuity contracts, if applicable. Costs are the same whether you redeem at the end of any period or not. Pro forma expenses are included assuming the Reorganization of the Portfolio. The example is for comparison purposes only and is not a representation of any Portfolio’s actual expenses or returns, either past or future. Because actual return and expenses will be different, the example is for comparison only.

Number of Years You Own your Shares	Transamerica Voya Mid Cap Opportunities VP		Transamerica Janus Mid- Cap Growth VP		Combined Portfolios (Pro Forma)
Initial Class
Year 1	$	92	$	86	$	85
Year 3	$	319	$	300	$	265
Year 5	$	565	$	532	$	460
Year 10	$	1,269	$	1,199	$	1,025
Service Class
Year 1	$	117	$	111	$	110
Year 3	$	365	$	347	$	343
Year 5	$	633	$	601	$	595
Year 10	$	1,398	$	1,329	$	1,317

Portfolio Turnover

Each Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example above, affect a Portfolio’s performance. During the Target Portfolio’s most recent fiscal year ended December 31, 2015 the portfolio turnover rate was 88% of the average value of the Target Portfolio’s portfolio. During the Destination Portfolio’s most recent fiscal year ended December 31, 2015, the portfolio turnover rate was 21% of the average value of the Destination Portfolio’s portfolio.

Reasons for the Proposed Reorganization

The Board of the Target Portfolio, including its Independent Trustees, has unanimously determined that the proposed Reorganization would be in the best interests of the Target Portfolio and would not dilute the interests of the existing shareholders of the Target Portfolio. The same Board oversees the Destination Portfolio, and both the full Board and the Independent Trustees also have unanimously determined that the Reorganization would be in the best interests of the Destination Portfolio and would not dilute the interests of the existing shareholders of the Destination Portfolio. The Board believes that the proposed Reorganization will be advantageous to the shareholders of each Portfolio. In determining whether to approve the Reorganization, the Trustees considered the potential impact of the proposed Reorganization on the Portfolios’ shareholders and a variety of related factors and considerations that they believed, in light of the legal advice furnished to them by fund counsel and independent legal counsel and their own business judgment, to be relevant, including those set forth below. The Board based its determinations on such considerations, although the Board did not identify any consideration or particular information that was controlling of its determinations and each Trustee may have attributed different weights to the various factors considered.

General Considerations

• The Trustees considered that the Target Portfolio would not be viable after the expected re-allocation of assets away from the Target Portfolio by certain asset allocation funds and would have to be liquidated or otherwise addressed, and pending that resolution could not effectively seek its investment objective.

• The Trustees noted that TAM believes that the larger combined asset base resulting from the Reorganization will provide greater potential for operating efficiencies and economies of scale, including the potential for lower management fees and total expenses for shareholders of the Target Portfolio and, for the Destination Portfolio, there would be the opportunity to better diversify its holdings, effect larger portfolio transactions and spread fixed costs over a larger asset base.

• The Trustees considered that the investment objective of the Target Portfolio and Destination Portfolio are the same and the constituent portfolios’ strategies are similar (although there are differences).

• The Trustees noted TAM’s desire to offer a more consolidated investment lineup of TST portfolios within the Transamerica variable annuity products, and to eliminate redundancies in the TST product line strengthening TAM’s ability to pursue investment and marketing opportunities that may benefit the Destination Portfolio.

Fees and Expenses

• The Trustees assessed the information that was provided in advance of the meeting of the Board regarding fees and expenses for the Portfolios involved in the Reorganization, as well as projected expense ratios of the Destination Portfolio following the Reorganization.

22

• The Trustees considered that, based on the anticipated asset levels following the Reorganization, the management fee paid by the combined Destination Portfolio is expected to be lower than that paid by the Target Portfolio.

• The Trustees also considered that the net expense ratio of each class of shares of the combined Destination Portfolio is expected to be lower than the net expense ratio of the corresponding class of shares of the Target Portfolio.

• The Trustees considered that, in light of the benefits expected to be received by the Target Portfolio as a result of the Reorganization, the expenses associated with the preparation, printing and mailing of any shareholder communications, including the Information Statement/Prospectus, and any regulatory filings in connection with the Reorganization would be shared by TAM and the Target Portfolio.

Investment Performance

• The Trustees considered the relative investment performance of the Portfolios and whether performance and investment flexibility have the potential to be enhanced if the assets of each Portfolio are combined.

• The Trustees considered that the performance results for the Portfolios show that the Target Portfolio underperformed the Destination Portfolio Proxy over all time periods reviewed and the benchmark over the since-inception period. The Target Portfolio also showed less favorable risk adjusted results, as measured by the Sharpe ratio, compared to the Destination Portfolio Proxy over all time periods and more favorable risk adjusted results compared to the benchmark over the 1- and 3-year periods. The Target Portfolio’s risk profile, as measured by standard deviation, was higher versus the Destination Portfolio Proxy and slightly lower versus the benchmark across all time periods measured. The Target Portfolio provided less favorable maximum drawdowns (measured as peak-to-trough decline over a specific period) versus the Destination Portfolio Proxy and more favorable drawdowns versus the benchmark over all time periods measured.

Tax

• The Trustees considered the expected tax-free nature of the Reorganization for federal income tax purposes.

Investment Program

• The Trustees considered the investment objective, strategies and policies of the Destination Portfolio and their compatibility with those of the Target Portfolio. In this regard, the Trustees noted that the assets of the Portfolios are managed in accordance with identical investment objectives and similar investment strategies.

• The Trustees considered that TAM is the adviser to the Target Portfolio and the Destination Portfolio and that Voya is the sub–adviser to the Target Portfolio and Janus is the sub-adviser to the Destination Portfolio.

Other Considerations

• The Trustees considered the terms and conditions of the Agreement and Plan of Reorganization.

• The Trustees took into consideration the fact that the Target Portfolio and Destination Portfolio have the same valuation policies and procedures and use the same pricing vendors.

23

CAPITALIZATION

The following table sets forth the capitalization of the Target Portfolio and the Destination Portfolio as of September 15, 2016 and the pro forma combined capitalization of the combined Destination Portfolio as if the Reorganization had occurred on that date. If the Reorganization is consummated, the actual exchange ratios on the Closing Date may vary from the exchange ratios used in the computation below. This is due to changes in the market value of the portfolio securities of both Portfolios between September 15, 2016 and the Closing Date, changes in the amount of undistributed net investment income and net realized capital gains of the Portfolios during that period resulting from income and distributions, and changes in the accrued liabilities of the Portfolios during the same period.

	Transamerica Voya Mid Cap Opportunities VP		Transamerica Janus Mid- Cap Growth VP		Pro Forma Adjustments(A)			Combined
Net Assets by Class
Initial Class	$	202,325,864	$	464,785,038	$	(32,932	)	$	667,077,970
Service Class	$	347,035	$	99,759,208	$	(7,068	)	$	100,099,175
Total	$	202,672,899	$	564,544,246	$	(40,000	)	$	767,177,145
Shares Outstanding
Initial Class		16,763,245		18,743,355		(8,604,944	)		26,901,656
Service Class		28,924		4,177,907		(14,392	)		4,192,439
Net asset value per share
Initial Class	$	12.07	$	24.80	$	(12.07	)	$	24.80
Service Class	$	12.00	$	23.88	$	(12.00	)	$	23.88

(A) Pro Forma Adjustments are due to the cost of the Reorganization.

It is impossible to predict with any certainty how many shares of the Destination Portfolio will actually be received and distributed by the Target Portfolio on the Closing Date. The foregoing table should not be relied upon to determine the amount of Destination Portfolio shares that will actually be received and distributed.

ADDITIONAL INFORMATION

For information relating to each Portfolio and the Reorganization, including tax capital loss carryforwards, the tax status of the Reorganization, a comparison of the fundamental investment policies of the Portfolios, how to buy, sell or exchange Portfolio shares, how each Portfolio values its securities, financial highlights information for each Portfolio and ownership of shares of the Portfolios, please see the sections immediately following this discussion of Reorganization 2.

OTHER IMPORTANT INFORMATION CONCERNING THE REORGANIZATIONS

Tax Capital Loss Carryforwards

Federal income tax law permits a regulated investment company to carry forward its net capital losses from any taxable year that began after December 22, 2010 for an unlimited number of taxable years.

As of December 31, 2015, the Portfolios had the following unused capital loss carryforwards (which all arose in taxable years that began after December 22, 2010):

Fund	Total
Transamerica Voya Limited Maturity Bond VP	$	329,059
Transamerica Voya Mid Cap Opportunities VP	$	0
Transamerica JPMorgan Core Bond VP	$	3,731,756
Transamerica Janus Mid-Cap Growth VP	$	0

As of the Closing Date, each Portfolio may have net realized capital gains or losses and may also have net unrealized gains or losses.

Each Reorganization may result in a number of different limitations on the applicable Destination Portfolio’s ability, following the applicable Reorganization, to use realized and unrealized losses of the applicable Target and Destination Portfolios. In the taxable year of the Destination Portfolio in which the Reorganization occurs, the Destination Portfolios will be able to use carryforwards of the applicable Target Portfolio’s capital losses (including from that Target Portfolio’s short taxable year ending on the Closing Date), subject to the additional limitations described below, to offset only a prorated portion of applicable Destination Portfolio’s capital gains for such taxable year, based on the number of days remaining after the Closing Date in such taxable year.

24

Because shareholders of each Target Portfolio are expected to own less than 50% of the applicable Destination Portfolio immediately after a Reorganization, a Reorganization may result in limitations on a Destination Portfolio’s ability, following a Reorganization, to use any capital loss carryforwards of the applicable Target Portfolio (including carryforwards generated in the tax year of that Target Portfolio ending on the date of the Reorganization) and potentially on the applicable Destination Portfolio’s ability to use unrealized capital losses inherent in the tax basis of the assets acquired in a Reorganization. Capital losses in excess of the limitation may be carried forward indefinitely, subject to any other applicable limitations. The annual limitation on the use of those carryforwards for periods following a Reorganization generally will equal the product of the net asset value of a Target Portfolio immediately prior to a Reorganization and the “long–term tax–exempt rate,” as published by the Internal Revenue Service (“IRS”) and in effect at the time of a Reorganization. This limitation may be prorated in the taxable year of the applicable Destination Portfolio in which a Reorganization occurs based on the number of days remaining after the Closing Date in such taxable year.

Under certain circumstances, the Reorganizations may result in limitations on the applicable Destination Portfolio’s ability, in the post–Reorganization period, to use a portion of any carryforward generated in its tax year that includes a Reorganization, and potentially on the applicable Destination Portfolio’s ability to use unrealized capital losses inherent in the tax basis of its assets. Those limitations are imposed on an annual basis. Losses in excess of the limitation may be carried forward, subject to generally applicable limitations. The annual limitation on the use of those carryforwards for periods following the Reorganizations generally will equal the product of the net asset value of the applicable Destination Portfolio and the “long–term tax–exempt rate,” as published by the IRS.

If a Destination Portfolio or a corresponding Target Portfolio has a net unrealized gain inherent in its assets at the time of the applicable Reorganization, then, under certain circumstances, the combined Portfolio may not offset that gain, to the extent realized within five years of the applicable Reorganization, by a carryforward of pre-Reorganization losses (other than a carryforward of that Destination Portfolio or that Target Portfolio, as applicable) or, in certain cases, by a net unrealized loss inherent at the time of the applicable Reorganization in the assets of the other Portfolio involved in the Reorganization.

As a result of the Reorganizations, losses and loss carryforwards will benefit the shareholders of the combined Portfolios, rather than only the shareholders of the applicable Portfolio that incurred them. Even if a particular limitation described above would not be triggered solely by a particular Reorganization, the limitation may be triggered by the Reorganization and one or more other transactions entered into by the applicable Target Portfolio or Destination Portfolio (including, potentially, another reorganization). By reason of the foregoing rules, taxable shareholders may pay more taxes, or pay taxes sooner, than they otherwise would have if the applicable Target Portfolio’s Reorganization did not occur.

Since the Reorganizations are not expected to close until the close of business [December 16], 2016, the capital loss carryforwards, realized and unrealized gains and losses, and the applicability of the limitations described above may change significantly between now and the completion of the Reorganizations. Further, the ability of each Portfolio to use these losses (even in the absence of a Reorganization) also depends on factors other than loss limitations, such as the future realization of capital gains or losses.

PORTFOLIO SECURITIES

If a Reorganization is effected, TAM will analyze and evaluate the portfolio securities of the Target Portfolio being transferred to the corresponding Destination Portfolio. Consistent with each Destination Portfolio’s investment objective and investment strategies and policies, any restrictions imposed by the Code and in the best interests of each Destination Portfolio’s shareholders (including former shareholders of the corresponding Target Portfolio), TAM will influence the extent and duration to which the portfolio securities of the corresponding Target Portfolio will be maintained by each Destination Portfolio. It is possible that there may be dispositions of some of the portfolio securities of the Target Portfolio following the Reorganization. Subject to market conditions at the time of any such disposition, the disposition of the portfolio securities by each combined Destination Portfolio may result in a capital gain or loss. The actual tax consequences of any disposition of portfolio securities will vary depending upon the specific security(ies) being sold, the selling Portfolio’s other gains and losses, and the combined Destination Portfolio’s ability to use any available tax loss carryforwards. The disposition of portfolio securities also may result in brokerage expense to the combined Destination Portfolio.

25

TERMS OF EACH AGREEMENT AND PLAN OF REORGANIZATION

The Reorganizations

• The Reorganizations are scheduled to occur as of the close of business on [December 16], 2016, but may occur on such other date as the parties may agree to in writing (the “Closing Date”).

• On the Closing Date, each Target Portfolio will transfer all of its property and assets to the corresponding Destination Portfolio. In exchange, each Destination Portfolio will assume all of the liabilities of the corresponding Target Portfolio and issue shares, as described below.

• Each Destination Portfolio will issue a number of its Initial Class and Service Class shares, as applicable, to the Target Portfolio having an aggregate net asset value equal to the aggregate net asset value of the Target Portfolio Initial Class and Service Class shares, respectively.

• Shares of the corresponding class of each Destination Portfolio will then be distributed on the Closing Date to the corresponding Target Portfolio’s shareholders in complete liquidation of the Target Portfolio in proportion to the relative net asset value of their holdings of the applicable class of shares of the Target Portfolio. Therefore, on the Closing Date, upon completion of the applicable Reorganization, each Target Portfolio shareholder will hold shares of the corresponding class of the corresponding Destination Portfolio with the same aggregate net asset value as its holdings of the applicable class of shares of the Target Portfolio immediately prior to the Reorganization. The net asset value attributable to a class of shares of a Target Portfolio will be determined using the Target Portfolio’s valuation policies and procedures and the net asset value attributable to a class of shares of a Destination Portfolio will be determined using the Destination Portfolio’s valuation policies and procedures. The portfolio assets of each Target Portfolio and corresponding Destination Portfolio are valued using the same valuation policies and procedures.

• Each Target Portfolio will be terminated after the Closing Date.

• The consummation of each Reorganization is not contingent on the consummation of the other Reorganization.

• No sales load, contingent deferred sales charge, commission, redemption fee or other transactional fee will be charged as a result of the Reorganizations. Following a Reorganization, shareholders of the applicable Target Portfolio will be subject to the fees and expenses of the corresponding Destination Portfolio.

• Following the Reorganizations, TAM will continue to act as investment manager to each Destination Portfolio. JPMorgan will continue to serve as sub–adviser to the Destination Portfolio in Reorganization 1. Janus will continue to serve as sub–adviser to the Destination Portfolio in Reorganization 2.

• The exchange of Target Portfolio shares for Destination Portfolio shares in a Reorganization will not result in income, gain or loss being recognized for federal income tax purposes by an exchanging shareholder. The Reorganizations generally will not result in the recognition of gain or loss for federal income tax purposes by any Target Portfolio or Destination Portfolio.

Agreement and Plan of Reorganization

Each Reorganization will be undertaken pursuant to the Plan substantially in the form attached as Exhibit A to this Information Statement/Prospectus, which is incorporated herein by this reference. The description of the Plans contained herein, which includes the material provisions of the Plans, is qualified in its entirety by the attached copy.

Determination of Net Asset Value. In each Reorganization, the applicable Destination Portfolio will deliver to the corresponding Target Portfolio a number of full and fractional Destination Portfolio shares of each class with an aggregate net asset value equal to the net asset value of the Target Portfolio attributable to the corresponding class of the Target Portfolio’s shares. The net asset value per share of each class of such Destination Portfolio shall be computed using the Destination Portfolios’ valuation procedures and the net asset value per share of each class of such Target Portfolio shall be computed using the Target Portfolios’ valuation policies and procedures. The number of full and fractional Destination Portfolio shares shall be determined, with respect to each class, by dividing the value of the Target Portfolio’s net assets with respect to that class of the Target Portfolio’s shares by the net asset value of one share of the corresponding class of the Destination Portfolio’s shares (see Section 1.1 of the form of Plan attached as Exhibit A).

26

Conditions to Closing a Reorganization. The obligation of each Portfolio to consummate a given Reorganization is subject to the satisfaction of certain conditions, including the Portfolio’s performance of all its obligations under the Plan, the receipt of certain documents and financial statements from the subject Target Portfolio and the receipt of all consents, orders and permits necessary to consummate the Reorganization (see Sections 6 and 7 of the form of Plan attached as Exhibit A). The consummation of each Reorganization is not contingent on the consummation of the other Reorganization.

The obligations of each Portfolio are subject to the receipt of a favorable opinion of Morgan, Lewis & Bockius LLP as to the United States federal income tax consequences of the Reorganizations (see Section 8.4 of the form of Plan attached as Exhibit A).

Termination of the Plan. The Board may terminate the Plan at any time before the Closing Date, if the Board believes that proceeding with the Plan is inadvisable with respect to the subject Target Portfolio or Destination Portfolio, respectively. Any such termination will be effective when communicated to the other party (see Section 12 of the form of Plan attached as Exhibit A).

Expenses of the Reorganizations. The expenses incurred in connection with the Reorganizations will be borne by the Target Portfolios, provided that expenses will be paid by the party directly incurring such expenses (without reimbursement by another person) if and to the extent that the payment by another person of such expenses would prevent such party from being treated as a “regulated investment company” under the Code or would prevent the Reorganization from qualifying as a tax-free reorganization (see Section 10.2 of the form of Plan attached as Exhibit A).

TAX STATUS OF EACH REORGANIZATION

Each Reorganization is conditioned upon the receipt by the Target Portfolio and the Destination Portfolio of an opinion from Morgan, Lewis & Bockius LLP, counsel to the Portfolios, substantially to the effect that, for federal income tax purposes:

• The transfer of all of the applicable Target Portfolio’s assets to the corresponding Destination Portfolio in exchange solely for the issuance of the Destination Portfolio shares to the Target Portfolio and the assumption of the Target Portfolio’s liabilities by the Destination Portfolio, followed by the distribution of the Destination Portfolio shares to the Target Portfolio shareholders in complete liquidation of the Target Portfolio, will constitute a “reorganization” within the meaning of Section 368(a) of the Code, and the applicable Target Portfolio and the corresponding Destination Portfolio will each be a “party to a reorganization” within the meaning of Section 368(b) of the Code;

• No gain or loss will be recognized by the applicable Destination Portfolio upon receipt of the assets of the corresponding Target Portfolio solely in exchange for shares of the Destination Portfolio and the assumption by such Destination Portfolio of all of the liabilities of that Target Portfolio as part of the Reorganization;

• The tax basis in the hands of the corresponding Destination Portfolio of the assets of the applicable Target Portfolio transferred to the Destination Portfolio in the Reorganization will be the same as the tax basis of such assets in the hands of the Target Portfolio immediately before the transfer of the assets, increased by the amount of gain (or decreased by the amount of loss), if any, recognized by the Target Portfolio upon the transfer;

• The holding period in the hands of the corresponding Destination Portfolio of each asset of the applicable Target Portfolio transferred to the Destination Portfolio in the Reorganization, other than assets with respect to which gain or loss is required to be recognized in the applicable Reorganization, will include the period during which the asset was held by the corresponding Target Portfolio (except where investment activities of the Destination Portfolio have the effect of reducing or eliminating the holding period with respect to an asset);

• No gain or loss will be recognized by the applicable Target Portfolio upon the transfer of its assets to the corresponding Destination Portfolio in the Reorganization solely in exchange for the Destination Portfolio shares and the assumption by such Destination Portfolio of all of the liabilities of the Target Portfolio, or upon the distribution of the Destination Portfolio shares by the Target Portfolio to its shareholders in complete liquidation, except for (1) any gain or loss that may be recognized with respect to contracts subject to Section 1256 of the Code, (2) any gain that may be recognized on the transfer of stock in a “passive foreign investment company” as defined in Section 1297(a) of the Code, and (3) any other gain or loss that may be required to be recognized as a result of the closing of the Target Portfolio’s taxable year or upon transfer of an asset regardless of whether the transfer would otherwise be a non-recognition transaction under the Code;

• No gain or loss will be recognized by the applicable Target Portfolio shareholders upon the exchange of their shares of the applicable Target Portfolio solely for the shares of the corresponding Destination Portfolio as part of the Reorganization;

• The aggregate tax basis of the applicable Destination Portfolio shares received by each shareholder of the corresponding Target Portfolio in the Reorganization will be the same as the aggregate tax basis of the shares of the Target Portfolio surrendered in exchange therefor; and

• The holding period of the applicable Destination Portfolio shares received by a Target Portfolio shareholder in the Reorganization will include the holding period of the shares of the Target Portfolio that were surrendered in exchange therefor, provided that the shareholder held the Target Portfolio shares as capital assets on the date of the exchange.

27

In rendering such opinion, counsel shall rely upon, among other things, certain facts, assumptions and representations of the Trust, made on behalf of the applicable Target Portfolio and Destination Portfolio.

No tax ruling has been or will be received from the IRS in connection with each Reorganization. An opinion of counsel is not binding on the IRS or a court, and no assurance can be given that the IRS would not assert, or a court would not sustain, a contrary position.

Immediately prior to the Reorganization, each Target Portfolio will declare and pay a dividend, which, together with all previous dividends, is intended to have the effect of distributing to the Target Portfolio shareholders all of the Target Portfolio’s investment company taxable income (computed without regard to any deduction for dividends paid) for taxable years ending on or prior to the Closing Date, all of its net tax–exempt income and all of its net capital gain, if any, realized in taxable years ending on or prior to the Closing Date (after reduction for any available capital loss carryover). The amount of such distribution to the shareholders of the applicable Target Portfolio is estimated as of June 30, 2016, to be as set forth in the table below. The amounts set forth in the table below are estimates of the applicable Target Portfolio’s investment company taxable income (computed without regard to any deduction for dividends paid), net tax-exempt income and net capital gain as if its taxable year ended on the Closing Date. Any amount actually distributed to a Target Portfolio’s shareholders immediately prior to the applicable Reorganization may be higher or lower than the amount set forth in the table below.

Portfolio	Distribution Amount (per Share)
Transamerica Voya Limited Maturity Bond VP	$	0.1137
Transamerica Voya Mid Cap Opportunities VP	$	0.5932

Such distribution may result in taxable income to a Target Portfolio shareholder, but as long as the Policies funded by the Portfolios qualify to be treated as annuity contracts or life insurance policies under the Code, such distribution will not be currently taxable to the Policyowners and the Reorganization should not otherwise result in any tax liability to the Policyowners.

The foregoing discussion is very general. The foregoing consequences may not apply to certain classes of taxpayers who are subject to special circumstances, such as shareholders who are not citizens or residents of the United States, insurance companies, tax–exempt organizations, financial institutions, dealers in securities or foreign currencies, or persons who hold their shares as part of a straddle or conversion transaction. This discussion does not address any state, local or foreign or non–income tax consequences of the Reorganizations. You should consult your tax adviser for the particular tax consequences to you of the applicable transaction, including the applicability of any state, local or foreign tax laws.

28

FUNDAMENTAL AND NON-FUNDAMENTAL INVESTMENT POLICIES OF THE PORTFOLIOS

Each Portfolio has adopted certain fundamental investment policies that may not be changed without the affirmative vote of the holders of a “majority of the outstanding voting securities” (as defined in the 1940 Act) of the Portfolio. Under the 1940 Act, the vote of a majority of the outstanding voting securities of a Portfolio means the affirmative vote of the lesser of (a) 67% or more of the voting power of the voting securities present at the meeting, if the holders of more than 50% of the outstanding voting securities of the Portfolio are present at the meeting or represented by proxy, or (b) more than 50% of the voting power of the outstanding voting securities of the Portfolio. The following table lists the fundamental policies for each Target Portfolio and each Destination Portfolio. The Target Portfolios and Destination Portfolios have the same fundamental investment policies. For a more complete discussion of each Portfolio’s other investment policies and fundamental and non-fundamental investment restrictions, please see the Portfolios’ statement of additional information.

	Target Portfolios	Destination Portfolio
Borrowing	Each portfolio may not borrow money, except as permitted under the 1940 Act, and as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction.
Underwriting Securities	Each portfolio may not engage in the business of underwriting the securities of other issuers except as permitted by the 1940 Act.
Making Loans	Each portfolio may make loans only as permitted under the 1940 Act, and as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time.
Senior Securities	Each portfolio may not issue any senior security, except as permitted under the 1940 Act, and as interpreted, modified or otherwise permitted from time to time by regulatory authority having jurisdiction.
Real Estate	Each portfolio may not purchase or sell real estate except as permitted by the 1940 Act.
Commodities	Each portfolio may not purchase physical commodities or contracts relating to physical commodities, except as permitted from time to time under the 1940 Act, and as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction.
Concentration of Investments	Each portfolio may not make any investment if, as a result, the portfolio’s investments will be concentrated in any one industry, as the relevant terms are used in the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time.

Non-Fundamental Policies

Each Target Portfolio and each Destination Portfolio has adopted the following non-fundamental policies, which may be changed by the Board of the Trust without shareholder approval.

1. Illiquid investments

No portfolio may purchase any security if, as a result, more than 15% of its net assets would be invested in illiquid securities.

2. Purchasing securities on margin

No portfolio may purchase securities on margin except to obtain such short-term credits as are necessary for the clearance of transactions, provided that margin payments and other deposits made in connection with transactions in options, futures contracts, swaps, forward contracts and other derivative instruments shall not constitute purchasing securities on margin.

3. Underlying funds in funds-of-funds investment limitation

No portfolio may acquire any securities of registered open-end investment companies or registered unit investment trusts in reliance on the provisions of Section 12(d)(1)(F) or Section 12(d)(1)(G) of the Investment Company Act of 1940, as amended. This policy does not prevent a portfolio from investing in securities of registered open-end investment companies or registered unit investment trusts in reliance on any other provision of applicable law or regulation.

29

BUYING AND SELLING OF PORTFOLIO SHARES

The following describes how shareholders may buy and sell shares of the Portfolios and how each Portfolio determines its net asset value.

Purchase and Redemption of Shares

Shares of these portfolios are intended to be sold to separate accounts of insurance companies, including certain separate accounts of Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Transamerica Advisors Life Insurance Company, and Transamerica Premier Life Insurance Company. Transamerica Series Trust currently does not foresee any disadvantages to investors if a portfolio serves as an investment medium for both variable annuity contracts and variable life insurance policies. However, it is theoretically possible that the interest of owners of annuity contracts and insurance policies for which a portfolio serves as an investment medium might at some time be in conflict due to differences in tax treatment or other considerations. The Board of Trustees and each participating insurance company would be required to monitor events to identify any material conflicts between variable annuity contract owners and variable life insurance policy owners, and would have to determine what action, if any, should be taken in the event of such a conflict. If such a conflict occurred, an insurance company participating in a portfolio might be required to redeem the investment of one or more of its separate accounts from the portfolio, which might force the portfolio to sell securities at disadvantageous prices. Shares are purchased and redeemed at their net asset value per share (“NAV”) without the imposition of any sales commission or redemption charge. (However, certain sales or other charges may apply to the policies or annuity contracts, as described in the product prospectus.)

Net Asset Value

The NAV of each Portfolio (or class thereof) is determined on each day the New York Stock Exchange (“NYSE”) is open for business. The NAV of each Portfolio (or class thereof) is calculated by taking the value of its net assets and dividing by the number of shares of the Portfolio (or class) that are then outstanding. In general, securities and other investments (including shares of ETFs) are valued based on market prices at the close of regular trading on the NYSE. Portfolio securities (including shares of ETFs) listed or traded on domestic securities exchanges or the NASDAQ/NMS, including dollar-denominated foreign securities or ADRs, are valued at the closing price on the exchange or system where the security is principally traded.

ADDITIONAL INFORMATION ABOUT THE DESTINATION PORTFOLIOS

Investment Manager

TAM, located at 1801 California Street, Suite 5200, Denver, CO 80202, serves as investment manager for the Destination Portfolios. TAM provides continuous and regular investment management services to the portfolios. For each of the portfolios, TAM currently acts as a “manager of managers” and hires investment sub-advisers to furnish investment advice and recommendations and has entered into a sub-advisory agreement with each portfolio’s sub-adviser. In acting as a manager of managers, TAM provides investment management services that include, without limitation, selection, proactive oversight and monitoring of sub-advisers, daily monitoring of the sub-advisers’ buying and selling of securities for the portfolios and regular review and evaluation of sub-adviser performance and adherence to investment style and process. TAM’s management services include, among other things, the provision of supervisory, compliance and administrative services to each portfolio. More information on the investment management services rendered by TAM is included in the Portfolios’ SAI. TAM is paid investment management fees for its service as investment manager to each portfolio. These fees are calculated on the average daily net assets of the Destination Portfolio, and are paid at the rates previously shown in this Information Statement/Prospectus.

TAM has been a registered investment adviser since 1996. As of December 31, 2015, TAM has approximately $74 billion in total assets under management.

TAM is directly owned by Transamerica Premier Life Insurance Company (“TPLIC”) (77%) and AUSA Holding Company (23%) (“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon NV. TPLIC is owned by Commonwealth General Corporation (“Commonwealth”). Commonwealth and AUSA are wholly owned by Transamerica Corporation, a financial services holding company whose primary emphasis is on life and health insurance, and annuity and investment products. Transamerica Corporation is owned by The Aegon Trust, which is owned by Aegon International B.V., which is owned by Aegon N.V., a Netherlands corporation, and a publicly traded international insurance group.

TST and TAM may rely on an Order from the SEC (Release IC-23379 dated August 5, 1998) that permits TST and TAM, subject to certain conditions, and without the approval of shareholders to:

(1) employ a new unaffiliated sub-adviser for a portfolio pursuant to the terms of a new investment sub-advisory agreement, either as a replacement for an existing sub-adviser or as an additional sub-adviser;

30

(2) materially change the terms of any sub-advisory agreement; and

(3) continue the employment of an existing sub-adviser on sub-advisory contract terms where a contract has been assigned because of a change of control of the sub-adviser.

Pursuant to the Order, the portfolios have agreed to provide certain information about new sub-advisers and new sub-advisory agreements to their shareholders.

A discussion regarding the basis of the Board’s approval of the advisory arrangements with TAM is available in the Portfolios’ semi-annual report for the period ended June 30, 2016.

Sub–Adviser

Voya Investment Management Co. LLC, 230 Park Avenue, New York, NY 10169, serves as a sub–adviser for each Target Portfolio. J.P. Morgan Investment Management Inc., 270 Park Avenue, New York, NY 10017 serves as sub-adviser for the Destination Portfolio in Reorganization 1. Janus Capital Management LLC, 151 Detroit Street, Denver, CO 80206 serves as sub-adviser for the Destination Portfolio in Reorganization 2.

A discussion regarding the basis of the Board’s approval of the sub-advisory arrangements is available in the Portfolios’ semi-annual report for the period ended June 30, 2016.

Disclosure of Portfolio Holdings

A detailed description of each Portfolios’ policies and procedures with respect to the disclosure of its portfolio holdings is available in the Portfolios’ SAI and available on the TST website at www.transamericaseriestrust.com.

Valuation of Shares

The NAV of each portfolio (or class thereof) is determined on each day the NYSE is open for business. The NAV is not determined on days when the NYSE is closed (generally New Year’s Day, Martin Luther King Jr. Day, Presidents’ Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving and Christmas). Foreign securities may trade in their primary markets on weekends or other days when the portfolios do not price their shares (therefore, the value of a portfolio’s foreign securities may change on days when shareholders will not be able to buy or sell shares of the portfolios). These securities will be valued pursuant to the portfolios’ Pricing and Valuation procedures for such securities.

Purchase orders received in good order and accepted, and redemption orders received in good order, before the close of business of the NYSE, usually 4:00 p.m. Eastern Time, receive the NAV determined as of the close of the NYSE that day. Purchase and redemption requests received after the NYSE is closed receive the NAV determined as of the close of the NYSE the next day the NYSE is open.

Net Asset Value

The NAV of the portfolio (or class thereof) is calculated by taking the value of its net assets and dividing by the number of shares of the portfolio (or class) that are then outstanding.

The Board has approved procedures to be used to value the portfolios’ securities for purposes of determining the portfolios’ NAV. The valuation of the securities of the portfolios is determined in good faith by or under the direction of the Board. While the Board has primary responsibility to shareholders for valuation of portfolio securities, the Board has delegated certain valuation functions for the portfolios to TAM.

In general, securities and other investments (including shares of ETFs) are valued based on market prices at the close of regular trading on the NYSE. Portfolio securities (including shares of ETFs) listed or traded on domestic securities exchanges or the NASDAQ/NMS, including dollar-denominated foreign securities or ADRs, are valued at the closing price on the exchange or system where the security is principally traded. With respect to securities traded on the NASDAQ/NMS, such closing price may be the last reported sale price or the NASDAQ Official Closing Price (“NOCP”). If there have been no sales for that day on the exchange or

31

system where the security is principally traded, then the value should be determined with reference to the last sale price, or the NOCP, if applicable, on any other exchange or system. If there have been no sales for that day on any exchange or system, a security is valued at the closing bid quotes on the exchange or system where the security is principally traded, or at the NOCP, if applicable. Foreign securities traded on U.S. exchanges are generally priced using last sale price regardless of trading activity. Securities traded over–the–counter are valued at the last bid price. The market price for debt obligations is generally the price supplied by an independent third party pricing service, which may use market prices or quotations or a variety of fair value techniques and methodologies. Short–term debt obligations that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment’s fair value. The prices that the portfolio uses may differ from the amounts that would be realized if the investments were sold and the differences could be significant, particularly for securities that trade in relatively thin markets and/or markets that experience extreme volatility. Foreign securities generally are valued based on quotations from the primary market in which they are traded, and are converted from the local currency into U.S. dollars using current exchange rates. Market quotations for securities prices may be obtained from automated pricing services. Shares of open-end funds (other than ETF shares) are generally valued at the NAV reported by that investment company. ETF shares are valued at the most recent sale price or official closing price on the exchange on which they are traded.

When a market quotation for a security is not readily available (which may include closing prices deemed to be unreliable because of the occurrence of a subsequent event), a valuation committee appointed by the Board may, in good faith, establish a value for the security in accordance with fair valuation procedures adopted by the Board. The Board reviews all fair value determinations typically at its regularly scheduled meetings. The types of securities for which such fair value pricing may be required include, but are not limited to: foreign securities, where a significant event occurs after the close of the foreign market on which such security principally trades that is likely to have changed the value of such security, or the closing value is otherwise deemed unreliable; securities of an issuer that has entered into a restructuring; securities whose trading has been halted or suspended; fixed–income securities that have gone into default and for which there is no current market value quotation; and securities that are restricted as to transfer or resale. The portfolios use a fair value model developed by an independent third party pricing service to price foreign equity securities on days when there is a certain percentage change in the value of a domestic equity security index, as such percentage may be determined by TAM from time to time.

Valuing securities in accordance with fair value procedures involves greater reliance on judgment than valuing securities based on readily available market quotations. The valuation committee makes fair value determinations in good faith in accordance with the portfolio’s valuation procedures. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service. There can be no assurance that the portfolio could obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the portfolio determines its NAV.

Payments to Broker–Dealers and Other Financial Intermediaries

If you purchase the portfolio through a broker-dealer or other financial intermediary (such as a bank or insurance company), the portfolio and/or its affiliates may pay the intermediary for the sale of portfolio shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the portfolio over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

Distribution Arrangements

Distribution and Service Plans. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the “Plan”) and pursuant to the Plan, entered into a Distribution Agreement with Transamerica Capital, Inc. (“TCI”), located at 1801 California Street, Suite 5200, Denver, CO 80202. TCI is an affiliate of the investment adviser, and serves as principal underwriter for the Trust. The Plan permits the use of Trust assets to help finance the distribution of the shares of the portfolio. Under the Plan, the Trust, on behalf of the portfolio, makes payments to various service providers up to 0.15% of the average daily net assets of the portfolio attributable to the Initial Class and up to 0.25% of the average daily net assets of the portfolio attributable to the Service Class. Because the Trust pays these fees out of its assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

The maximum 12b-1 fee on Initial Class shares is 0.15%. As of the date of this information statement/prospectus, the Trust has not paid any distribution fees under the Plan with respect to Initial Class shares, and does not intend to do so for Initial Class shares through May 1, 2017. The portfolio reserves the right to pay such fees after that date. You will receive written notice prior to the payment of any fees under the Plan relating to Initial Class shares. The Trust may, however, pay fees relating to Service Class shares.

32

Other Distribution and Service Arrangements. The insurance companies that selected the portfolios as investment options for the variable annuity contracts and variable life insurance policies that they issue and distribute, Transamerica Advisors Life Insurance Company, Transamerica Financial Life Insurance Company, Transamerica Life Insurance Company, Transamerica Premier Life Insurance Company (together, the “Transamerica Insurance Companies”), are affiliated with TAM.

TCI, TAM and their affiliates may enter into arrangements with affiliated entities, including the Transamerica Insurance Companies, that provide administrative, recordkeeping and other services with respect to one or more of the portfolios. Payment for these services is made by TCI, TAM and their affiliates out of past profits and other available sources and may take the form of internal credit, recognition or cash payments. TCI, TAM and their affiliates may also enter into similar arrangements with unaffiliated entities.

If a portfolio is sub-advised by an affiliate of Transamerica Insurance Companies and TAM, the Transamerica group of companies may retain more revenue than on those portfolios sub-advised by non-affiliated entities. TAM is a majority-owned subsidiary of Transamerica Premier Life Insurance Company and is affiliated with other Transamerica Insurance Companies, and TAM’s business profits (from managing the portfolios) may directly benefit Transamerica Premier Life Insurance Company and the other Transamerica Insurance Companies. Also, management personnel of the Transamerica Insurance Companies could receive additional compensation if the amount of investments in the portfolios meets certain levels, or increases over time. These affiliations, methods and arrangements may provide incentives for the Transamerica Insurance Companies to make the portfolios’ shares available to current or prospective variable contract owners to the detriment of other potential investment options.

TAM, the Transamerica Insurance Companies, TCI, and/or portfolio sub-advisers, directly or through TCI, out of their past profits and other available sources, typically provide cash payments or non-cash compensation to the Transamerica Insurance Companies, brokers and other financial intermediaries as a means to promote the distribution and wholesaling of variable contracts (and thus, indirectly, the portfolios’ shares). Such payments and compensation are in addition to the Rule 12b-1 Plan fees, service fees and other fees that may be paid, directly or indirectly, to such brokers and other financial intermediaries. These arrangements are sometimes referred to as “revenue sharing” arrangements. The amount of revenue sharing payments is substantial, may be substantial to any given recipient and may exceed the costs and expenses incurred by the recipient for any portfolio-related distribution or shareholder servicing activities. The presence of these payments and the basis on which an intermediary compensates its registered representatives or salespersons may create an incentive for a particular intermediary, registered representative or salesperson to highlight, feature or recommend the variable contracts, that invest in the portfolios at least in part, based on the level of compensation paid. Revenue sharing arrangements are separately negotiated. Revenue sharing payments are not an additional charge to the portfolios.

Such additional cash payments may be made to the Transamerica Insurance Companies, brokers and other financial intermediaries that provide services to the portfolios and/or contract holders, including (without limitation) shareholder servicing, marketing support and/or access to meetings and/or events, sales representatives and management representatives of the broker or other financial intermediaries. These cash payments may take a variety of forms. Revenue sharing payments can be calculated: (i) as a percentage of gross or net sales; (ii) as a percentage of gross or net assets under management; and/or (iii) as a fixed or negotiated flat fee dollar amount. These payments are made on a periodic basis, such as monthly or quarterly. To the extent permitted by applicable law, TCI and other parties may pay or allow other incentives and compensation to brokers and other financial intermediaries. TCI, TAM and the other parties making these payments generally assess the advisability of continuing making these payments periodically.

From time to time, TCI, its affiliates, the Transamerica Insurance Companies and/or TAM and/or portfolio sub-advisers may, to the extent permitted by applicable law, pay non-cash compensation to brokers and other financial intermediaries and their sales representatives in the form of, for example: (i) occasional gifts or prizes; (ii) occasional meals, tickets or other entertainment; and/or (iii) sponsorship support of broker marketing events, programs, sales contests, promotions or other activities. They may also make payments in connection with the sponsorship by Transamerica or its affiliates of special events which may be attended by brokers and other financial intermediaries. Such non-cash compensation may also include, in part, assistance with the costs and expenses associated with travel, lodging, and educational sales and promotional meetings, seminars, programs and conferences, entertainment and meals to the extent permitted by law.

Certain portfolios are funds of funds that invest in affiliated underlying funds, unaffiliated underlying funds, or a combination of both. TAM will receive more revenue when it selects an affiliated fund rather than an unaffiliated fund for the inclusion in a fund of funds. This conflict may result in affiliated funds that have performed or are expected to perform worse than unaffiliated funds being included in the fund of funds. The inclusion of affiliated funds will also permit TAM to make increased revenue sharing payments, including to TCI, Transamerica Insurance Companies and/or their affiliates. The affiliates of certain unaffiliated underlying funds, including those advised by the sub-adviser to the investing funds, may make revenue sharing payments to TCI and its affiliates for the provision of services to investors and distribution activities.

33

Investors should consult the prospectus of the separate accounts that issue the variable contracts that they have purchased to learn about specific incentives and financial interests that their insurance agent, broker or other financial intermediaries may receive when they sell variable contracts to you and to learn about revenue sharing arrangements relevant to the insurance company sponsor of the separate account.

Investors may also obtain more information about these arrangements, including the conflicts of interests that such arrangements may create, from their insurance agents, brokers and other financial intermediaries, and should so inquire if they would like additional information. Intermediaries may categorize and disclose these arrangements to their clients and to members of the public in a manner different from the disclosures in this prospectus and the SAI. An investor should ask his/her insurance agent, broker or financial intermediary how he/she will be compensated for investments made in the portfolios. Revenue sharing payments, as well as payments under the shareholder services and distribution plan (where applicable), also benefit TAM, the Transamerica Insurance Companies, TCI and their affiliates and portfolio sub-advisers to the extent the payments result in more assets being invested in the portfolios on which fees are being charged.

Revenue sharing arrangements may encourage insurers and other financial intermediaries to render services to variable contract owners and qualified plan participants, and may also provide incentives for the insurers and other financial intermediaries to make the portfolios’ shares available to current or prospective variable contract owners to the detriment of other potential investment options.

Distributions and Taxes

Each portfolio intends to distribute all or substantially all of its net investment income and net capital gains, if any, to its shareholders each year. Dividends will be reinvested in additional shares unless you elect to take your dividends in cash. Each portfolio generally pays any distributions of net capital gains annually. Each portfolio generally pays any dividends from net investment income annually.

Taxes. Each portfolio has qualified and expects to continue to qualify each year for treatment as a regulated investment company under Subchapter M of the Code. As a regulated investment company, the portfolios generally will not be subject to federal income tax on the taxable income that it distributes. Taxable income consists generally of net investment income and any net capital gains. It is each portfolio’s intention to distribute all such income and gains.

Shares of the portfolios are offered only to the separate accounts of Transamerica Premier Life Insurance Company and its affiliates, and to certain funds that invest in other regulated investment companies and that are owned only by separate accounts and certain other qualified investors. Separate accounts are insurance company separate accounts that fund variable insurance policies and annuity contracts. Certain separate accounts are required to meet diversification requirements under Section 817(h) of the Internal Revenue Code and the regulations thereunder in order for insurance policies and annuity contracts funded by those separate accounts to qualify for their expected tax treatment. If a portfolio qualifies as a regulated investment company and is owned only by separate accounts and certain other qualified investors (including certain funds that invest in other regulated investment companies if those funds are owned only by separate accounts and certain other qualified investors), the separate accounts invested in the portfolio will be allowed to look through to the portfolio’s investments in order to satisfy the separate account diversification requirements. Each portfolio intends to comply with those diversification requirements. If a portfolio fails to meet the diversification requirements under Section 817(h) of the Internal Revenue `Code, fails to qualify as a regulated investment company or fails to limit sales of portfolio shares to the permitted investors described above, then income earned with respect to the insurance policies and annuity contracts invested in that portfolio could become currently taxable to the owners of the policies and contracts, and income for prior periods with respect to the policies and contracts could also be taxable in the year in which that failure occurs.

This tax discussion is for general information only. More information is provided in the SAI of the portfolios. You should also consult your own tax adviser for information regarding all tax consequences applicable to your investment in any portfolio. For a discussion of the taxation of separate accounts and variable annuity and life insurance contracts, see “Federal Income Tax Considerations” included in the respective prospectuses for the policies and contracts.

34

Market Timing/Excessive Trading

Some investors try to profit from various short-term or frequent trading strategies known as market timing. Examples of market timing include switching money into portfolios when their share prices are expected to rise and taking money out when their share prices are expected to fall, and switching from one portfolio to another and then back again after a short period of time. As money is shifted in and out, a portfolio may incur expenses for buying and selling securities. Excessive purchases, redemptions or exchanges of portfolio shares may disrupt portfolio management, hurt portfolio performance and drive portfolio expenses higher. For example, a portfolio may be forced to liquidate investments as a result of short-term trading and incur increased brokerage costs or realize capital gains without attaining any investment advantage. These costs are generally borne by all shareholders, including long-term investors who do not generate these costs.

The Board of Trustees has approved policies and procedures that are designed to discourage market timing or excessive trading, which include limitations on the number of transactions in portfolio shares. If you intend to engage in such practices, we request that you do not purchase shares of the portfolio. The portfolio reserves the right to reject any request to purchase shares, including purchases in connection with an exchange transaction, which the portfolio reasonably believes to be in connection with market timing or excessive trading.

The portfolios rely on the insurance companies that offer shares of the portfolio as investment option for variable contracts to monitor market timing and disruptive trading by their customers. Each portfolio seek periodic certifications from the insurance companies that they have policies and procedures in place designed to monitor and prevent market timing and disruptive trading activity by their customers, and that they will use their best efforts to prevent market timing and disruptive trading activity that appears to be in contravention of the portfolio’s policies on market timing or disruptive trading as disclosed in this prospectus. Each portfolio also may instruct from time to time the insurance companies to scrutinize purchases, including purchases in connection with exchange transactions, that exceed a certain size. Each portfolio reserves the right, in its sole discretion and without prior notice, to reject, delay, restrict or refuse, in whole or in part, any request to purchase shares, including purchases in connection with an exchange transaction and orders that have been accepted by an intermediary, which it reasonably determines to be in connection with market timing or disruptive trading by a contract or policy owner (a “contract owner”) or by accounts of contract owners under common control (for example, related contract owners, or a financial adviser with discretionary trading authority over multiple accounts). Each portfolio applies these policies and procedures to all investors on a uniform basis and do not make special arrangements or grant exceptions to accommodate market timing or disruptive trading.

While the portfolios discourage market timing and excessive short-term trading, the portfolios cannot always recognize or detect such trading.

The portfolios’ distributor has entered into agreements with intermediaries requiring the intermediaries to provide certain information to help identify harmful trading activity and to prohibit further purchases or exchanges by a shareholder identified as having engaged in excessive trading. There is no guarantee that the procedures used by financial intermediaries will be able to curtail frequent, short-term trading activity. For example, shareholders who seek to engage in frequent, short–term trading activity may use a variety of strategies to avoid detection, and the financial intermediaries’ ability to deter such activity may be limited by the capabilities of operational and information systems. Due to the risk that the portfolio and financial intermediaries may not detect all harmful trading activity, it is possible that shareholders may bear the risks associated with such activity. Investors should also review the prospectus that describes the variable contracts that they are purchasing to learn more about the policies and procedures used by insurance companies to detect and deter frequent, short-term trading.

Reallocations in underlying portfolios by an asset allocation portfolio in furtherance of the portfolio’s objective are not considered to be market timing or excessive trading.

Additional Information

The portfolios’ prospectus and SAI provide information concerning the portfolios that you should consider in determining whether to purchase shares of a portfolio. A portfolio may make changes to the information from time to time. Each portfolio’s investment objective may be changed by the Board without shareholder approval. Each portfolio’s investment strategies and policies may be changed from time to time without shareholder approval, unless specifically stated otherwise in the portfolios’ prospectus or SAI.

35

A portfolio that has a policy of investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the particular type of securities suggested by its name will provide its shareholders with at least 60 days’ prior written notice before making changes to such policy. Such notice will comply with the conditions set forth in any applicable SEC rules then in effect.

Neither the portfolios’ prospectus nor SAI is intended to give rise to any contract rights or other rights of any shareholder, other than any rights conferred explicitly by federal or state securities laws that may not be waived.

The portfolios enter into contractual arrangements with various parties, including the portfolios’ investment manager, who provides services to the portfolios. Shareholders are not parties to, or intended (or “third-party”) beneficiaries of those contractual arrangements.

To the extent authorized by law, the portfolios reserve the right to discontinue offering shares at any time, to merge or liquidate a class of shares or to cease operations entirely.

FINANCIAL HIGHLIGHTS

The Financial Highlights are intended to help you understand a portfolio’s performance for the past five years (or since its inception if less than five years). Certain information reflects financial results for a single portfolio share. The total returns in the table represent the rate an investor would have earned (or lost) on an investment in the portfolio for the period shown, assuming reinvestment of all dividends and distributions. Except for the financial highlights for the six months ended June 30, 2016, this information has been audited by Ernst & Young LLP, an Independent Registered Public Accounting firm, whose report, along with the portfolio’s financial statements, is included in the December 31, 2015 Annual Report, which is available to you upon request.

The financial highlights for the fiscal period ended June 30, 2016 are unaudited.

36

Transamerica Voya Limited Maturity Bond VP

Initial Class

	Initial Class
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013(A)
Net asset value, beginning of period/year	$	9.99		$	10.04		$	10.01		$	10.00
Investment operations:
Net investment income (loss)(B)		0.06			0.08			0.08			0.02
Net realized and unrealized gain (loss)		0.09			(0.04	)		(0.02	)		(0.01	)
Total investment operations		0.15			0.04			0.06			0.01
Distributions:
Net investment income		—			(0.09	)		(0.03	)		—
Net realized gains		—			(0.00	)(C)		—			—
Total distributions		—			(0.09	)		(0.03	)		—
Net asset value, end of period/year	$	10.14		$	9.99		$	10.04		$	10.01
Total return(D)		1.50	%(E)		0.41	%		0.55	%		0.10	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	85,306		$	87,043		$	86,751		$	100,446
Expenses to average net assets		0.63	%(F)		0.64	%		0.63	%		0.63	%(F)
Net investment income (loss) to average net assets		1.18	%(F)		0.83	%		0.75	%		0.34	%(F)
Portfolio turnover rate		71	%(E)		264	%		388	%		405	%(E)

^(A)  Commenced operations on May 1, 2013.

^(B)  Calculated based on average number of shares outstanding.

^(C)  Rounds to less than $0.01 or $(0.01).

^(D)  Total return reflects all Portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

^(E)  Not annualized.

^(F)  Annualized.

37

Transamerica Voya Limited Maturity Bond VP

Service Class

	Service Class
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013(A)
Net asset value, beginning of period/year	$	9.96		$	10.00		$	9.99		$	10.00
Investment operations:
Net investment income (loss)(B)		0.05			0.06			0.05			0.01
Net realized and unrealized gain (loss)		0.08			(0.03	)		(0.02	)		(0.02	)
Total investment operations		0.13			0.03			0.03			(0.01	)
Distributions:
Net investment income		—			(0.07	)		(0.02	)		—
Net realized gains		—			(0.00	)(C)		—			—
Total distributions		—			(0.07	)		(0.02	)		—
Net asset value, end of period/year	$	10.09		$	9.96		$	10.00		$	9.99
Total return(D)		1.31	%(E)		0.29	%		0.26	%		(0.10	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	754		$	741		$	689		$	593
Expenses to average net assets		0.88	%(F)		0.89	%		0.88	%		0.88	%(F)
Net investment income (loss) to average net assets		0.93	%(F)		0.58	%		0.51	%		0.18	%(F)
Portfolio turnover rate		71	%(E)		264	%		388	%		405	%(E)

^(A)  Commenced operations on May 1, 2013.

^(B)  Calculated based on average number of shares outstanding.

^(C)  Rounds to less than $0.01 or $(0.01).

^(D)  Total return reflects all Portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

^(E)  Not annualized.

^(F)  Annualized.

38

Transamerica JPMorgan Core Bond VP

Initial Class

	Initial Class
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of year	$	12.83		$	13.02		$	12.62		$	13.27		$	12.98		$	12.62
Investment operations:
Net investment income (loss)(A)		0.14			0.28			0.29			0.32			0.42			0.52
Net realized and unrealized gain (loss)		0.51			(0.20	)		0.38			(0.57	)		0.22			0.42
Total investment operations		0.65			0.08			0.67			(0.25	)		0.64			0.94
Distributions:
Net investment income		—			(0.27	)		(0.27	)		(0.40	)		(0.34	)		(0.56	)
Net realized gains		—			—			—			—			(0.01	)		(0.02	)
Total distributions		—			(0.27	)		(0.27	)		(0.40	)		(0.35	)		(0.58	)
Net asset value, end of year	$	13.48		$	12.83		$	13.02		$	12.62		$	13.27		$	12.98
Total return(B)		5.07	%(C)		0.61	%		5.33	%		(1.84	)%		4.98	%		7.53	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	501,293		$	472,685		$	488,758		$	335,836		$	319,385		$	256,418
Expenses to average net assets		0.54	%(D)		0.55	%		0.56	%		0.57	%		0.58	%		0.57	%
Net investment income (loss) to average net assets		2.22	%(D)		2.11	%		2.21	%		2.50	%		3.19	%		4.04	%
Portfolio turnover rate		14	%(C)		19	%		17	%		23	%		17	%		23	%

^(A)  Calculated based on average number of shares outstanding.

^(B)  Total return reflects all Portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

^(C)  Not annualized.

^(D)  Annualized.

39

Transamerica JPMorgan Core Bond VP

Service Class

	Service Class
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of year	$	13.66		$	13.86		$	13.42		$	14.10		$	13.79		$	13.39
Investment operations:
Net investment income (loss)(A)		0.14			0.26			0.27			0.31			0.41			0.51
Net realized and unrealized gain (loss)		0.53			(0.21	)		0.41			(0.61	)		0.24			0.45
Total investment operations		0.67			0.05			0.68			(0.30	)		0.65			0.96
Distributions:
Net investment income		—			(0.25	)		(0.24	)		(0.38	)		(0.33	)		(0.54	)
Net realized gains		—			—			—			—			(0.01	)		(0.02	)
Total distributions		—			(0.25	)		(0.24	)		(0.38	)		(0.34	)		(0.56	)
Net asset value, end of year	$	14.33		$	13.66		$	13.86		$	13.42		$	14.10		$	13.79
Total return(B)		4.90	%(C)		0.33	%		5.10	%		(2.13	)%		4.75	%		7.24	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	249,970		$	199,855		$	162,347		$	106,656		$	96,896		$	55,709
Expenses to average net assets		0.79	%(D)		0.80	%		0.81	%		0.82	%		0.83	%		0.82	%
Net investment income (loss) to average net assets		1.97	%(D)		1.87	%		1.97	%		2.25	%		2.91	%		3.69	%
Portfolio turnover rate		14	%(C)		19	%		17	%		23	%		17	%		23	%

^(A)  Calculated based on average number of shares outstanding.

^(B)  Total return reflects all Portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

^(C)  Not annualized.

^(D)  Annualized.

40

Transamerica Voya Mid Cap Opportunities VP

Initial Class

	Initial Class
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013(A)
Net asset value, beginning of period/year	$	12.01		$	12.63		$	11.84		$	10.00
Investment operations:
Net investment income (loss)(B)		0.01			(0.01	)		0.04			0.01
Net realized and unrealized gain (loss)		0.42			0.05			0.99			1.83
Total investment operations		0.43			0.04			1.03			1.84
Distributions:
Net investment income		—			(0.04	)		(0.01	)		—
Net realized gains		—			(0.62	)		(0.23	)		—
Total distributions		—			(0.66	)		(0.24	)		—
Net asset value, end of period/year	$	12.44		$	12.01		$	12.63		$	11.84
Total return(C)		3.58	%(D)		0.37	%		8.73	%		18.40	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	206,121		$	199,920		$	204,477		$	152,039
Expenses to average net assets		0.90	%(E)		0.90	%		0.91	%		0.91	%(E)
Net investment income (loss) to average net assets		0.17	%(E)		(0.04	)%		0.36	%		0.12	%(E)
Portfolio turnover rate		53	%(D)		88	%		95	%		56	%(D)

^(A)  Commenced operations on May 1, 2013.

^(B)  Calculated based on average number of shares outstanding.

^(C)  Total return reflects all Portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

^(D)  Not annualized.

^(E)  Annualized.

41

Transamerica Voya Mid Cap Opportunities VP

Service Class

	Service Class
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013(A)
Net asset value, beginning of period/year	$	11.96		$	12.59		$	11.82		$	10.00
Investment operations:
Net investment income (loss)(B)		(0.00	)(C)		(0.04	)		0.01			(0.01	)
Net realized and unrealized gain (loss)		0.42			0.04			0.99			1.83
Total investment operations		0.42			—			1.00			1.82
Distributions:
Net investment income		—			(0.01	)		—			—
Net realized gains		—			(0.62	)		(0.23	)		—
Total distributions		—			(0.63	)		(0.23	)		—
Net asset value, end of period/year	$	12.38		$	11.96		$	12.59		$	11.82
Total return(D)		3.51	%(E)		0.07	%		8.51	%		18.20	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	342		$	334		$	406		$	275
Expenses to average net assets		1.15	%(F)		1.15	%		1.16	%		1.16	%(F)
Net investment income (loss) to average net assets		(0.08	)%(F)		(0.30	)%		0.05	%		(0.16	)%(F)
Portfolio turnover rate		53	%(E)		88	%		95	%		56	%(E)

^(A)  Commenced operations on May 1, 2013.

^(B)  Calculated based on average number of shares outstanding.

^(C)  Rounds to less than $0.01 or $(0.01).

^(D)  Total return reflects all Portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

^(E)  Not annualized.

^(F)  Annualized.

42

Transamerica Janus Mid-Cap Growth VP

Initial Class

	Initial Class
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of year	$	28.35		$	35.49		$	37.94		$	28.05		$	27.13		$	29.20
Investment operations:
Net investment income (loss)(A)		0.02			(0.25	)		0.02			(0.02	)		0.26			0.01
Net realized and unrealized gain (loss)		(2.27	)		(1.61	)		(0.00	)(B)		10.87			2.14			(1.98	)
Total investment operations		(2.25	)		(1.86	)		0.02			10.85			2.40			(1.97	)
Distributions:
Net investment income		—			—			—			(0.27	)		—			(0.10	)
Net realized gains		—			(5.28	)		(2.47	)		(0.69	)		(1.48	)		—
Total distributions		—			(5.28	)		(2.47	)		(0.96	)		(1.48	)		(0.10	)
Net asset value, end of year	$	26.10		$	28.35		$	35.49		$	37.94		$	28.05		$	27.13
Total return(C)		(7.94	)%(D)		(5.03	)%		0.02	%		39.14	%		9.08	%		(6.77	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	453,534		$	521,496		$	768,562		$	839,396		$	643,715		$	648,157
Expenses to average net assets		0.88	%(E)		0.87	%		0.88	%		0.88	%		0.90	%		0.89	%
Net investment income (loss) to average net assets		0.18	%(E)		(0.76	)%		0.05	%		(0.05	)%		0.92	%		0.04	%
Portfolio turnover rate		95	%(D)		21	%		43	%		49	%		31	%		41	%

^(A)  Calculated based on average number of shares outstanding.

^(B)  Rounds to less than $0.01 or $(0.01).

^(C)  Total return reflects all Portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

^(D)  Not annualized.

^(E)  Annualized.

43

Transamerica Janus Mid-Cap Growth VP

Service Class

	Service Class
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of year	$	27.44		$	34.62		$	37.16		$	27.49		$	26.69		$	28.77
Investment operations:
Net investment income (loss)(A)		(0.01	)		(0.33	)		(0.07	)		(0.10	)		0.19			(0.05	)
Net realized and unrealized gain (loss)		(2.20	)		(1.57	)		(0.00	)(B)		10.66			2.09			(1.96	)
Total investment operations		(2.21	)		(1.90	)		(0.07	)		10.56			2.28			(2.01	)
Distributions:
Net investment income		—			—			—			(0.20	)		—			(0.07	)
Net realized gains		—			(5.28	)		(2.47	)		(0.69	)		(1.48	)		—
Total distributions		—			(5.28	)		(2.47	)		(0.89	)		(1.48	)		(0.07	)
Net asset value, end of year	$	25.23		$	27.44		$	34.62		$	37.16		$	27.49		$	26.69
Total return(C)		(8.05	)%(D)		(5.26	)%		(0.23	)%		38.83	%		8.78	%		(7.01	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	95,074		$	107,324		$	115,823		$	118,292		$	86,353		$	85,691
Expenses to average net assets		1.13	%(E)		1.12	%		1.13	%		1.13	%		1.15	%		1.14	%
Net investment income (loss) to average net assets		(0.07	)%(E)		(1.02	)%		(0.20	)%		(0.30	)%		0.66	%		(0.19	)%
Portfolio turnover rate		95	%(D)		21	%		43	%		49	%		31	%		41	%

^(A)  Calculated based on average number of shares outstanding.

^(B)  Rounds to less than $0.01 or $(0.01).

^(C)  Total return reflects all Portfolio expenses and includes reinvestment of dividends and capital gains; it does not reflect the charges and deductions under the policies or annuity contracts.

^(D)  Not annualized.

^(E)  Annualized.

44

OWNERSHIP OF SHARES OF THE PORTFOLIOS

To the knowledge of each Target Portfolio, as of September 20, 2016, the Trustees and officers of each Target Portfolio owned in the aggregate less than 1% of the outstanding shares of the Target Portfolio. To the knowledge of each Destination Portfolio, as of September 20, 2016, the Trustees and officers of the Destination Portfolio owned in the aggregate less than 1% of the outstanding shares of the Destination Portfolio.

To the knowledge of each Target Portfolio, as of September 20, 2016, the following persons owned of record or beneficially 5% or more of the outstanding shares of the indicated classes of the Target Portfolio. Unless otherwise noted, the address of each owner is 4333 Edgewood Rd NE, Cedar Rapids, IA 52402.

Name & Address	Portfolio Name	Class	Shares		Percent Owned
Transamerica Asset Allocation-Conservative VP Investment Account Attn Fund Operations Mailstop 20B 1801 California St Ste 5200 Denver CO 80202-2642	Transamerica Voya Limited Maturity Bond VP	Initial		5,635,516.619		66.31	%
Transamerica Asset Allocation-Moderate VP Investment Account Attn Fund Operations Mailstop 20B 1801 California St Ste 5200 Denver CO 80202-2642	Transamerica Voya Limited Maturity Bond VP	Initial		2,863,619.215		33.69	%
TCM Division Transamerica Life Insurance Company Separate Account VA B 4333 Edgewood Rd NE Cedar Rapids IA 52499-3830	Transamerica Voya Limited Maturity Bond VP	Service		58,126.027		76.98	%
Transamerica Asset Management Inc Seed Money Account Attn Corporate Accounting 4333 Edgewood Rd NE Cedar Rapids IA 52499-3830	Transamerica Voya Limited Maturity Bond VP	Service		12,707.188		16.83	%
TCM Division Transamerica Financial Life Ins Co Separate Account VA Bny 4333 Edgewood Rd NE Cedar Rapids IA 52499-3830	Transamerica Voya Limited Maturity Bond VP	Service		4,673.198		6.19	%
Transamerica Asset Allocation-Moderate VP Investment Account Attn Fund Operations Mailstop 20B 1801 California St Ste 5200 Denver CO 80202-2642	Transamerica Voya Mid Cap Opportunities VP	Initial		7,634,286.237		46.47	%
Transamerica Asset Allocation-Moderate Growth VP Investment Account Attn Fund Operations Mailstop 20B 1801 California St Ste 5200 Denver CO 80202-2642	Transamerica Voya Mid Cap Opportunities VP	Initial		6,417,663.892		39.06	%
Transamerica Asset Allocation-Growth VP Investment Account Attn Fund Operations Mailstop 20B 1801 California St Ste 5200 Denver CO 80202-2642	Transamerica Voya Mid Cap Opportunities VP	Initial		1,682,942.623		10.24	%
TCM Division Transamerica Life Insurance Company Separate Account VA B 4333 Edgewood Rd NE Cedar Rapids IA 52499-3830	Transamerica Voya Mid Cap Opportunities VP	Service		14,795.484		51.16	%
Transamerica Asset Management Inc Seed Money Account Attn Corporate Accounting 4333 Edgewood Rd NE Cedar Rapids IA 52499-3830	Transamerica Voya Mid Cap Opportunities VP	Service		14,126.022		48.84	%

* Information regarding the parent companies of the control persons listed in the chart above is provided in Exhibit B hereto.

45

Any shareholder who holds beneficially 25% or more of a Target Portfolio may be deemed to control the Target Portfolio until the time as the shareholder holds beneficially less than 25% of the outstanding common shares of that Target Portfolio. Any shareholder controlling a Target Portfolio may be able to determine the outcome of issues that are submitted to shareholders for vote and may be able to take action regarding the Target Portfolio without the consent or approval of other shareholders.

As of September 20, 2016, the following persons held beneficially 25% or more of each Target Portfolio:

Name & Address	Portfolio Name	Shares		Percentage of Portfolio Owned
Transamerica Asset Allocation-Conservative VP Investment Account Attn Fund Operations Mailstop 20B 1801 California St Ste 5200 Denver CO 80202-2642	Transamerica Voya Limited Maturity Bond VP		5,635,516.619		65.72	%
Transamerica Asset Allocation-Moderate VP Investment Account Attn Fund Operations Mailstop 20B 1801 California St Ste 5200 Denver CO 80202-2642	Transamerica Voya Limited Maturity Bond VP		2,863,619.215		33.40	%
Transamerica Asset Allocation-Moderate VP Investment Account Attn Fund Operations Mailstop 20B 1801 California St Ste 5200 Denver CO 80202-2642	Transamerica Voya Mid Cap Opportunities VP		7,634,286.237		46.38	%
Transamerica Asset Allocation-Moderate Growth VP Investment Account Attn Fund Operations Mailstop 20B 1801 California St Ste 5200 Denver CO 80202-2642	Transamerica Voya Mid Cap Opportunities VP		6,417,663.892		38.99	%

To the knowledge of each Destination Portfolio, as of September 20, 2016, the following persons owned of record or beneficially 5% or more of the outstanding shares of the indicated classes of the Destination Portfolio. Unless otherwise noted, the address of each owner is 4333 Edgewood Rd NE, Cedar Rapids, IA 52402.

Name & Address	Portfolio Name	Class	Shares		Percent Owned
AEGON Financial Partners - Florida Transamerica Premier Life Ins Co WRL Series Life Account 4333 Edgewood Rd NE Cedar Rapids IA 52499-3830	Transamerica Janus Mid-Cap Growth VP	Initial		11,475,221.124		61.31	%
TCM Division Transamerica Premier Life Ins Co WRL Series Annuity Account 4333 Edgewood Rd NE Cedar Rapids IA 52499-3830	Transamerica Janus Mid-Cap Growth VP	Initial		3,973,147.239		21.23	%
TCM Division Transamerica Life Insurance Company Separate Account VA B 4333 Edgewood Rd NE Cedar Rapids IA 52499-3830	Transamerica Janus Mid-Cap Growth VP	Initial		2,475,162.037		13.23	%
TCM Division Transamerica Life Insurance Company Separate Account VA B 4333 Edgewood Rd NE Cedar Rapids IA 52499-3830	Transamerica Janus Mid-Cap Growth VP	Service		2,648,447.792		63.46	%
TCM Division Merrill Lynch Life Insurance Co Ml Life VA Separate Acct A 4333 Edgewood Rd NE Cedar Rapids IA 52499-3830	Transamerica Janus Mid-Cap Growth VP	Service		1,018,234.082		24.40	%
TCM Division Transamerica Premier Life Ins Co Separate Account VA U 4333 Edgewood Rd NE Cedar Rapids IA 52499-3830	Transamerica Janus Mid-Cap Growth VP	Service		210,034.796		5.03	%

46

Name & Address	Portfolio Name	Class	Shares		Percent Owned
Blackrock Tactical Allocation VP Investment Account Attn Fund Operations Mailstop 20B 1801 California St Ste 5200 Denver CO 80202-2642	Transamerica JPMorgan Core Bond VP	Initial		31,112,790.211		82.02	%
TCM Division Transamerica Premier Life Ins Co WRL Series Annuity Account 4333 Edgewood Rd NE Cedar Rapids IA 52499-3830	Transamerica JPMorgan Core Bond VP	Initial		3,296,257.858		8.69	%
AEGON Financial Partners - Florida Transamerica Premier Life Ins Co WRL Series Life Account 4333 Edgewood Rd NE Cedar Rapids IA 52499-3830	Transamerica JPMorgan Core Bond VP	Initial		3,221,119.235		8.49	%
TCM Division Transamerica Life Insurance Company Separate Account VA B 4333 Edgewood Rd NE Cedar Rapids IA 52499-3830	Transamerica JPMorgan Core Bond VP	Service		16,142,090.947		87.08	%
TCM Division Transamerica Financial Life Ins Co Separate Account VA Bny 4333 Edgewood Rd NE Cedar Rapids IA 52499-3830	Transamerica JPMorgan Core Bond VP	Service		1,913,659.077		10.32	%

* Information regarding the parent companies of the control persons listed in the chart above is provided in Exhibit B hereto.

Any shareholder who holds beneficially 25% or more of a Destination Portfolio may be deemed to control the Destination Portfolio until the time as the shareholder holds beneficially less than 25% of the outstanding common shares of that Destination Portfolio. Any shareholder controlling a Destination Portfolio may be able to determine the outcome of issues that are submitted to shareholders for vote and may be able to take action regarding the Destination Portfolio without the consent or approval of other shareholders.

As of September 20, 2016, the following persons held beneficially 25% or more of each Destination Portfolio:

Name & Address	Portfolio Name	Shares		Percentage of Portfolio Owned
AEGON Financial Partners - Florida Transamerica Premier Life Ins Co WRL Series Life Account 4333 Edgewood Rd NE Cedar Rapids IA 52499-3830	Transamerica Janus Mid-Cap Growth VP		11,475,221.124		50.47	%
Blackrock Tactical Allocation VP Investment Account Attn Fund Operations Mailstop 20B 1801 California St Ste 5200 Denver CO 80202-2642	Transamerica JPMorgan Core Bond VP		31,112,790.211		53.93	%
TCM Division Transamerica Life Insurance Company Separate Account VA B 4333 Edgewood Rd NE Cedar Rapids IA 52499-3830	Transamerica JPMorgan Core Bond VP		16,142,090.947		29.82	%

FINANCIAL STATEMENT EXPERTS

The financial statements and financial highlights of each Portfolio for the past five fiscal years (or since its inception if less than five years) and any semi-annual period, as applicable, are incorporated by reference into this Information Statement/Prospectus. The financial statements and financial highlights of each Target Portfolio and corresponding Destination Portfolio for their fiscal year end December 31, 2015 have been audited by Ernst & Young LLP, an Independent Registered Public Accounting firm, as set forth in their report thereon incorporated by reference into this Information Statement/Prospectus. Such financial statements and financial highlights are incorporated by reference herein in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

47

AVAILABLE INFORMATION

You can obtain more free information about each Portfolio from your investment firm or by writing to your Portfolio at 1801 California Street, Suite 5200, Denver, Colorado 80202. You may also call 1-888-233-4339.

Each Portfolio’s statement of additional information and shareholder reports are available free of charge on the Portfolios’ website at http://www.transamericaseriestrust.com/content/prospectus.aspx.

Shareholder reports. Annual and semi-annual reports to shareholders, and quarterly reports filed with the SEC, provide information about each Portfolio’s investments. An annual report discusses market conditions and investment strategies that significantly affected each Portfolio’s performance during its last fiscal year.

Each Portfolio is subject to the informational requirements of the Securities Exchange Act of 1934, as amended, and the 1940 Act and files reports, proxy statements and other information with the SEC. These reports, proxy statements and other information filed by the Portfolios and their predecessors can be inspected and copied (for a duplication fee) at the public reference facilities of the SEC at 100 F Street, N.E., Washington, DC 20549. Copies of these materials can also be obtained by mail from the Public Reference Branch, Office of Consumer Affairs and Information Services, Securities and Exchange Commission, Washington, DC 20549, at prescribed rates. In addition, copies of these documents may be viewed on–screen or downloaded from the SEC’s Internet site at www.sec.gov.

By Order of the Board of Trustees,

/s/ Tané T. Tyler, Esq.

Tané T. Tyler, Esq.

Secretary, Transamerica Series Trust

[            ], 2016

48

Exhibit A

FORM OF AGREEMENT AND PLAN OF REORGANIZATION

This AGREEMENT AND PLAN OF REORGANIZATION (“Agreement”) is made as of this day of , 2016, by and among Transamerica Series Trust, a Delaware statutory trust (the “Trust”), with its principal place of business at 1801 California Street, Suite 5200, Denver, Colorado 80202, on behalf of each of its series listed on Exhibit A attached hereto under the heading “Acquiring Portfolio/Classes” (each, an “Acquiring Portfolio”), and the Trust on behalf of each of its series listed on Exhibit A attached hereto under the heading “Acquired Portfolio/Classes” (each, an “Acquired Portfolio”) and, solely for purposes of paragraph 10.2 hereof, Transamerica Asset Management, Inc. (“TAM”). Although the only shareholders of each Acquiring Portfolio and each Acquired Portfolio are affiliated separate accounts and affiliated asset allocation portfolios, and contract holders of the variable life and annuity contracts are not shareholders of the Acquiring or Acquired Portfolios, for ease of reference shareholders and contract holders are collectively referred to in this Agreement as “shareholders.”

WHEREAS, the Trust is an open-end management investment company registered pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”);

WHEREAS, it is intended that, for United States federal income tax purposes (i) each transaction contemplated by this Agreement constitute a “reorganization” within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”), and (ii) this Agreement constitute a plan of reorganization within the meaning of Section 368 of the Code and Treasury Regulations Section 1.368-2(g);

WHEREAS, each such reorganization will consist of (1) the sale, assignment, conveyance, transfer and delivery of all of the property and assets of an Acquired Portfolio to the corresponding Acquiring Portfolio listed on Exhibit A (as to each Acquired Portfolio, the “corresponding Acquiring Portfolio”) in exchange solely for (a) shares of the classes of shares of beneficial interest of that Acquiring Portfolio (the “Acquiring Portfolio Shares”) corresponding to the classes of outstanding shares of beneficial interest of the Acquired Portfolio (the “Acquired Portfolio Shares”), as described herein, and (b) the assumption by the Acquiring Portfolio of all liabilities of the Acquired Portfolio, and (2) the subsequent distribution of the Acquiring Portfolio Shares (which shall then constitute all of the assets of the Acquired Portfolio) to the shareholders of the Acquired Portfolio in complete liquidation of the Acquired Portfolio Shares and the termination of the Acquired Portfolio, as provided herein (each, a “Reorganization”), all upon the terms and conditions hereinafter set forth in this Agreement;

WHEREAS, the Board of Trustees of the Trust (the “Board”) has determined, with respect to each Acquiring Portfolio, that the sale, assignment, conveyance, transfer and delivery of all of the property and assets of the corresponding Acquired Portfolio listed on Exhibit A (as to each Acquiring Portfolio, the “corresponding Acquired Portfolio”) for Acquiring Portfolio Shares and the assumption of all liabilities of that Acquired Portfolio by the Acquiring Portfolio is in the best interests of the Acquiring Portfolio and its shareholders and that the interests of the existing shareholders of the Acquiring Portfolio will not be diluted as a result of this transaction; and

WHEREAS, the Board has determined, with respect to each Acquired Portfolio, that the sale, assignment, conveyance, transfer and delivery of all of the property and assets of the Acquired Portfolio for Acquiring Portfolio Shares and the assumption of all liabilities of the Acquired Portfolio by the corresponding Acquiring Portfolio is in the best interests of the Acquired Portfolio and its shareholders and that the interests of the existing shareholders of the Acquired Portfolio will not be diluted as a result of this transaction;

NOW, THEREFORE, in consideration of the premises and of the covenants and agreements hereinafter set forth, the parties hereto covenant and agree as follows:

1. TRANSFER OF ASSETS OF EACH ACQUIRED PORTFOLIO TO THE CORRESPONDING ACQUIRING PORTFOLIO IN EXCHANGE FOR ACQUIRING PORTFOLIO SHARES IN SUCH ACQUIRING PORTFOLIO, ASSUMPTION OF ALL LIABILITIES OF THAT ACQUIRED PORTFOLIO AND LIQUIDATION AND TERMINATION OF THAT ACQUIRED PORTFOLIO

1.1 Subject to requisite approvals and the other terms and conditions herein set forth and on the basis of the representations and warranties contained herein, the Trust, on behalf of each Acquired Portfolio, agrees to sell, assign, convey, transfer and deliver all of its property and assets attributable to that Acquired Portfolio, as set forth in paragraph 1.2, to the corresponding Acquiring Portfolio, and the Trust, on behalf of that Acquiring Portfolio, agrees in exchange therefor: (a) to deliver to the corresponding Acquired Portfolio the number of full and fractional shares of each class of Acquiring Portfolio Shares of that Acquiring Portfolio corresponding to a class of Acquired Portfolio Shares of the corresponding Acquired Portfolio as of the time and date set forth in paragraph 3.1

A-1

determined by dividing the value of the Trust’s net assets with respect to that class of Acquired Portfolio Shares of the corresponding Acquired Portfolio (computed in the manner and as of the time and date set forth in paragraph 2.1) by the net asset value of one share of the corresponding class of Acquiring Portfolio Shares of that Acquiring Portfolio (computed in the manner and as of the time and date set forth in paragraph 2.2); and (b) to assume all liabilities of the corresponding Acquired Portfolio as set forth in paragraph 1.2. Such transactions shall take place on a closing date as provided for in paragraph 3.1 (the “Closing Date”). Exhibit A attached hereto shows each Acquiring Portfolio and its class(es) of shares and the corresponding Acquired Portfolio and its corresponding class(es) of shares. For purposes of this Agreement, each class of shares of each Acquired Portfolio as set forth on Exhibit A corresponds to the class of shares of the corresponding Acquiring Portfolio as set forth on such Exhibit, the term “Acquiring Portfolio Shares” should be read to include each such class of shares of such Acquiring Portfolio, and the term “Acquired Portfolio Shares” should be read to include each such class of shares of such Acquired Portfolio.

1.2 The property and assets of the Trust attributable to each Acquired Portfolio to be sold, assigned, conveyed, transferred and delivered to and acquired by the Trust, on behalf of the corresponding Acquiring Portfolio, shall consist of all assets and property of every kind and nature of the Acquired Portfolio, including, without limitation, all rights, receivables (including dividend, interest and other receivables), cash, cash equivalents, claims (whether absolute or contingent, known or unknown), securities, commodities and futures interests, good will and other intangible property, any deferred or prepaid expenses and all interests, rights, privileges and powers, the Acquired Portfolio owns at the Valuation Date (as defined in paragraph 2.1) (collectively, “Assets”). The Trust, on behalf of each Acquiring Portfolio, shall assume all of the liabilities and obligations of the corresponding Acquired Portfolio, including, without limitation, all indemnification obligations of such Acquired Portfolio with respect to the current and former members of the Board and officers of the Trust, whether accrued or contingent, known or unknown, existing at the Valuation Date (collectively, “Liabilities”). Each Acquired Portfolio will promptly assign, convey, transfer and deliver to the Trust, on behalf of the corresponding Acquiring Portfolio, any rights, stock dividends, cash dividends or other securities received by the Acquired Portfolio after the Closing Date as stock dividends, cash dividends or other distributions on or with respect to the property and assets transferred, which rights, stock dividends, cash dividends and other securities shall be deemed included in the property and assets transferred to the Trust, on behalf of the corresponding Acquiring Portfolio, at the Closing Date and shall not be separately valued, in which case any such distribution that remains unpaid as of the Closing Date shall be included in the determination of the value of the assets of the Acquired Portfolio acquired by the Trust on behalf of the corresponding Acquiring Portfolio.

1.3 Immediately following the actions contemplated by paragraph 1.1, the Trust shall take such actions as may be necessary or appropriate to complete the liquidation of each Acquired Portfolio. To complete the liquidation, the Trust, on behalf of each Acquired Portfolio, shall (a) distribute to the shareholders of record with respect to each class of the applicable Acquired Portfolio Shares of each Acquired Portfolio as of the Closing Date (“Acquired Portfolio Shareholders”), on a pro rata basis, the Acquiring Portfolio Shares of the corresponding class of the corresponding Acquiring Portfolio received by the Trust, on behalf of that Acquired Portfolio, pursuant to paragraph 1.1, in complete redemption of such Acquired Portfolio Shares, and (b) terminate the Acquired Portfolio in accordance with applicable state law. Such distribution and liquidation shall be accomplished, with respect to each class of Acquired Portfolio Shares, by the transfer of the corresponding class of Acquiring Portfolio Shares then credited to the account of the Acquired Portfolio on the books of the corresponding Acquiring Portfolio to open accounts on the share records of the Acquiring Portfolio in the names of the Acquired Portfolio Shareholders. The aggregate net asset value of each class of Acquiring Portfolio Shares to be so credited to each of the Acquired Portfolio Shareholders holding Acquired Portfolio Shares of the corresponding class shall be equal to the aggregate net asset value of the Acquired Portfolio Shares of that class owned by that Acquired Portfolio Shareholder on the Closing Date. All issued Acquired Portfolio Shares will be canceled on the books of the Acquired Portfolio. The Acquiring Portfolio shall not issue certificates representing any class of Acquiring Portfolio Shares in connection with such exchange.

1.4 Ownership of Acquiring Portfolio Shares will be shown on the books of the Acquiring Portfolio as maintained by the Acquiring Portfolio’s transfer agent.

1.5 Any reporting responsibility of an Acquired Portfolio, including, but not limited to, the responsibility for filing regulatory reports, tax returns for periods ending on or prior to the Closing Date, or other documents with the Securities and Exchange Commission (“Commission”), any state securities commission, and any federal, state or local tax authorities or any other relevant regulatory authority, is and shall remain the responsibility of the Trust, on behalf of such Acquired Portfolio. The Trust, on behalf of the applicable Acquiring Portfolio, shall fully cooperate to the extent necessary or desirable for these responsibilities to be discharged.

2. VALUATION

2.1 The value of the Assets and the amount of the Liabilities of each Acquired Portfolio, and the amounts thereof attributable to each class of shares of that Acquired Portfolio, shall be determined as of the time for calculation of its net asset value as set forth in the then-current prospectus for the Acquired Portfolio, and after the declaration of any dividends by the Acquired Portfolio, on the applicable Closing Date (such time and date being hereinafter called the “Valuation Date”), computed using the Trust’s valuation procedures. All computations of value and amounts shall be subject to confirmation by the independent registered public accounting firm for the corresponding Acquired Portfolio.

A-2

2.2 The net asset value per share of each class of the Acquiring Portfolio Shares of each Acquiring Portfolio shall be determined as of the time for calculation of the applicable Acquiring Portfolio’s net asset value as set forth in the then-current prospectus for the Acquiring Portfolio on the Valuation Date, computed using the Trust’s valuation procedures. All computations of value and amounts shall be made by the independent registered public accounting for the Acquiring Portfolio.

3. CLOSING AND CLOSING DATE

3.1 Subject to the terms and conditions set forth herein, the Closing Date shall be [            ], 2016, or such other date as the parties may agree. All acts taking place at the closing of the transactions provided for in this Agreement (“Closing”) shall be deemed to take place simultaneously as of the “close of business” on the Closing Date unless otherwise agreed to by the parties. The close of business on the Closing Date shall be as of 4:00 p.m., Eastern Time, or, as to any Reorganization, such later time on that date as the applicable Acquired Portfolio’s net asset value and/or the net asset value per share of the class of shares of the corresponding Acquiring Portfolio is calculated in accordance with Article 2 and after the declaration of any dividends. The Closing shall be held at the offices of TAM, 1801 California Street, Suite 5200, Denver, Colorado 80202, or at such other time and/or place as the parties may agree.

3.2 At the Closing of each Reorganization, the Trust shall direct State Street Bank and Trust Company (the “Custodian”) to transfer ownership of the Assets from the accounts of the applicable Acquired Portfolio that the Custodian maintains as custodian for the Acquired Portfolio to the accounts of the corresponding Acquiring Portfolio that the Custodian maintains as custodian for the Acquiring Portfolio. The Trust, on behalf of the Acquired Portfolio, shall, within one business day after the Closing for each Reorganization, deliver to the Trust, on behalf of the Acquiring Portfolio, a certificate of an authorized officer stating that (i) the Assets of the corresponding Acquired Portfolio have been so transferred as of the Closing Date, and (ii) all necessary taxes in connection with the delivery of the Assets of that Acquired Portfolio, including all applicable federal and state stock transfer stamps, if any, have been paid or provision for payment has been made.

3.3 The Trust shall direct Transamerica Fund Services, Inc., in its capacity as transfer agent for each Acquired Portfolio (“Transfer Agent”), to deliver to the Trust, within one business day after the Closing of each Reorganization, a certificate of an authorized officer stating that its records contain the name and address of each Acquired Portfolio Shareholder of the applicable Acquired Portfolio and the class, number and percentage ownership of the outstanding Acquired Portfolio Shares owned by each such shareholder immediately prior to the Closing. At the Closing of each Reorganization, the applicable Acquiring Portfolio shall deliver to the Secretary of the corresponding Acquired Portfolio a confirmation evidencing that (a) the appropriate number of Acquiring Portfolio Shares of the appropriate class or classes have been credited to the Acquired Portfolio’s account on the books of such Acquiring Portfolio pursuant to paragraph 1.1 prior to the actions contemplated by paragraph 1.3 and (b) the appropriate number of Acquiring Portfolio Shares of the appropriate class or classes have been credited to the accounts of the Acquired Portfolio Shareholders on the books of such Acquiring Portfolio pursuant to paragraph 1.3. At the applicable Closing, each party shall deliver to the other party such bills of sale, checks, assignments, share certificates, if any, receipts or other documents as the other party or its counsel may reasonably request.

3.4 In the event that on the Valuation Date (a) the New York Stock Exchange or another primary trading market for portfolio securities of an Acquiring Portfolio or an Acquired Portfolio (each, an “Exchange”) shall be closed to trading or trading thereupon shall be restricted, or (b) trading or the reporting of trading on such Exchange or elsewhere shall be disrupted so that accurate appraisal of the value of the net assets of such Acquired Portfolio or such Acquiring Portfolio is impracticable (in the judgment of the Board), the Closing Date for the applicable Reorganization shall be postponed until the first Friday (that is also a business day) after the day when trading shall have been fully resumed and reporting shall have been restored.

4. REPRESENTATIONS AND WARRANTIES

4.1 Except as has been fully disclosed in Schedule 4.1 of this Agreement, the Trust, on behalf of each Acquired Portfolio, represents and warrants as follows:

(a) Such Acquired Portfolio is duly established as a series of the Trust, which is a statutory trust duly organized, validly existing and in good standing under the laws of the State of Delaware, with power under its Declaration of Trust, as amended (the “Declaration”), to own all of its assets and to carry on its business as it is being conducted as of the date hereof. The Trust is duly qualified to do business as a foreign trust in each jurisdiction in which the conduct of its business makes such qualification necessary except where the failure to so qualify would not have a material adverse effect on the condition (financial or otherwise), business, properties, net assets or results of operations of the Trust. The Trust has all necessary federal, state and local authorization to carry on its business as now being conducted and to fulfill the terms of this Agreement, except as set forth in paragraph 4.1(c).

(b) The Trust is a registered open-end management investment company, and its registration with the Commission as an investment company under the 1940 Act, and the registration of each class of Acquired Portfolio Shares under the Securities Act of 1933, as amended (the “1933 Act”), is in full force and effect.

A-3

(c) No consent, approval, authorization, or order of any court or governmental authority is required for the consummation by the Acquired Portfolio of the transactions contemplated herein, except such as may be required under the 1933 Act, the Securities Exchange Act of 1934 (the “1934 Act”), the 1940 Act, state securities laws and the Hart–Scott–Rodino Act.

(d) The current prospectus and statement of additional information of such Acquired Portfolio and each prospectus and statement of additional information of the Acquired Portfolio used during the three (3) years prior to the date of this Agreement conforms or conformed at the time of its use in all material respects to the applicable requirements of the 1933 Act and the 1940 Act and the rules and regulations of the Commission thereunder and does not or did not at the time of its use include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not materially misleading.

(e) On the Closing Date, the Trust, on behalf of such Acquired Portfolio, will have good and marketable title to such Acquired Portfolio’s Assets and full right, power and authority to sell, assign, convey, transfer and deliver such Assets hereunder free of any liens or other encumbrances, and upon delivery and payment for the Assets, the Trust, on behalf of the corresponding Acquiring Portfolio, will acquire good and marketable title thereto, subject to no restrictions on the full transfer thereof, excluding such restrictions as might arise under the 1933 Act.

(f) The Acquired Portfolio is not engaged currently, and the execution, delivery and performance of this Agreement by the Trust, on behalf of such Acquired Portfolio, will not result, in a material violation of Delaware law or of the Declaration or the by-laws of the Trust, or of any agreement, indenture, instrument, contract, lease or other undertaking to which the Trust, on behalf of such Acquired Portfolio, is a party or by which it is bound, and the execution, delivery and performance of this Agreement by the Trust, on behalf of such Acquired Portfolio, will not result in the acceleration of any material obligation, or the imposition of any material penalty, under any agreement, indenture, instrument, contract, lease, judgment or decree to which the Trust, on behalf of such Acquired Portfolio, is a party or by which it is bound.

(g) All material contracts or other commitments of such Acquired Portfolio (other than this Agreement, certain investment contracts, including options, futures, swaps and forward contracts, and those contracts listed in Schedule 4.1) will terminate without liability to such Acquired Portfolio on or prior to the Closing Date. Each contract listed in Schedule 4.1 is a valid, binding and enforceable obligation of such Acquired Portfolio and, to the Acquired Portfolio’s knowledge, the other parties thereto (assuming due authorization, execution and delivery by the other parties thereto) and the assignment by such Acquired Portfolio to the corresponding Acquiring Portfolio of each such contract will not result in the termination of such contract, any breach or default thereunder by such Acquired Portfolio or the imposition of any penalty thereunder.

(h) No litigation or administrative proceeding or investigation of or before any court or governmental body is pending or, to the Trust’s knowledge, threatened against the Trust, with respect to such Acquired Portfolio or any of its properties or assets, that, if adversely determined, would materially and adversely affect its financial condition or the conduct of such Acquired Portfolio’s business. The Trust, on behalf of such Acquired Portfolio, is not a party to or subject to the provisions of any order, decree or judgment of any court or governmental body that materially and adversely affects such Acquired Portfolio’s business or the Trust’s ability to consummate the transactions herein contemplated on behalf of such Acquired Portfolio.

(i) The Statement of Assets and Liabilities, Statements of Operations and Changes in Net Assets and Schedule of Investments of such Acquired Portfolio for the most recently completed fiscal year of such Acquired Portfolio prior to the date of this Agreement have been audited by Ernst & Young LLP, independent registered public accounting firm, and are in accordance with accounting principles generally accepted in the United States of America (“GAAP”) consistently applied, and such statements (true and correct copies of which have been furnished to the Trust) present fairly, in all material respects, the financial condition of such Acquired Portfolio as of such date and for such period in accordance with GAAP, and there are no known contingent, accrued or other liabilities of such Acquired Portfolio required to be reflected on a balance sheet (including the notes thereto) in accordance with GAAP as of such date that are not disclosed therein.

(j) Since the last day of the most recently completed fiscal year of such Acquired Portfolio prior to the date of this Agreement, there has not been any material adverse change in such Acquired Portfolio’s financial condition, assets, liabilities or business, or any incurrence by the Acquired Portfolio of indebtedness for money borrowed maturing more than one year from the date such indebtedness was incurred. For the purposes of this subparagraph (j), a decline in net asset value per share of Acquired Portfolio Shares due to declines in market values of securities held by such Acquired Portfolio, the discharge of Acquired Portfolio liabilities, or the redemption of Acquired Portfolio Shares by shareholders of such Acquired Portfolio shall not constitute a material adverse change.

(k) On the Closing Date, all federal and other tax returns, dividend reporting forms and other tax-related reports of such Acquired Portfolio required by law to have been filed (taking into account any extensions) shall have been timely filed (taking such extensions into account) and shall be correct in all material respects, and all federal and other taxes shown as due or required to be

A-4

shown as due from the Acquired Portfolio on such tax returns, forms and reports shall have been paid or provision shall have been made for the payment thereof and, to the best of the Trust’s knowledge, no such return is currently under audit and no outstanding assessment of any tax has been asserted with respect to such returns.

(l) Such Acquired Portfolio is a separate series of the Trust that is treated as a corporation separate from any and all other series of the Trust under Section 851(g) of the Code. For each taxable year of its operation (including the current taxable year, assuming such year ends on the Closing Date), such Acquired Portfolio has met (or will meet) the requirements of Subchapter M of Chapter 1 of the Code for qualification and treatment as a “regulated investment company” and has been (or will be) eligible to compute and has computed (or will compute) its federal income tax under Section 852 of the Code. For each taxable year of its operation (including the current taxable year, assuming such year ends on the Closing Date), such Acquired Portfolio will have distributed, on or before the Closing Date, substantially all of (a) its investment company taxable income (as defined in the Code) (computed without regard to any deduction for dividends paid), (b) the excess of its interest income excludable from gross income under Section 103(a) of the Code, if any, over its deductions disallowed under Section 265 and Section 171(a)(2) of the Code, and (c) any net capital gain (as defined in the Code) (after reduction for any allowable capital loss carryover) that has accrued or been recognized, respectively, through the Closing Date such that for all tax periods ending on or before the Closing Date (and treating the current taxable year as ending on the Closing Date) such Acquired Portfolio will not have any unpaid tax liability under Section 852 of the Code. For each calendar year of its operation (including the calendar year that includes the Closing Date), such Acquired Portfolio will have made such distributions, if any, on or before the Closing Date, as are necessary so that for all calendar years ending on or before the Closing Date, and for the calendar year that includes the Closing Date, such Acquired Portfolio will not have any unpaid tax liability under Section 4982 of the Code.

(m) All issued and outstanding Acquired Portfolio Shares of such Acquired Portfolio are, and on the Closing Date will be, duly authorized and validly and legally issued and outstanding, fully paid and non-assessable by the Trust and have been offered and sold in any state, territory or the District of Columbia in compliance in all material respects with applicable registration requirements of all applicable federal and state securities laws. All of the issued and outstanding Acquired Portfolio Shares of such Acquired Portfolio will, at the time of Closing, be held by the persons and in the amounts set forth in the records of the Transfer Agent, on behalf of such Acquired Portfolio, as provided in paragraph 3.3. Such Acquired Portfolio does not have outstanding any options, warrants or other rights to subscribe for or purchase any of the Acquired Portfolio Shares of such Acquired Portfolio, nor is there outstanding any security convertible into any of the Acquired Portfolio Shares of such Acquired Portfolio.

(n) The execution, delivery and performance of this Agreement, and the transactions contemplated herein, have been duly authorized by all necessary action on the part of the Board, on behalf of such Acquired Portfolio, and this Agreement constitutes a valid and binding obligation of the Trust, on behalf of such Acquired Portfolio, enforceable in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors’ rights and to general equity principles.

(o) The information to be furnished by the Trust, on behalf of such Acquired Portfolio, for use in any documents filed or to be filed with any federal, state or local regulatory authority, which may be necessary in connection with the transactions contemplated hereby, shall be accurate and complete in all material respects and shall comply in all material respects with federal securities and other laws and regulations thereunder applicable thereto.

(p) The Registration Statement (as defined in paragraph 5.8), insofar as it relates to such Acquired Portfolio, on the effective date of the Registration Statement and on the Closing Date, will (i) not contain any statement which, at the time and in the light of the circumstances under which it is made, is false or misleading with respect to any material fact, or which omits to state any material fact necessary in order to make the statements therein not false or misleading (provided that this representation and warranty shall not apply to statements in or omissions from the Registration Statement made in reliance upon and in conformity with information that was furnished by the Trust, on behalf of the corresponding Acquiring Portfolio, for use therein), and (ii) comply in all material respects with the provisions of the 1933 Act, the 1934 Act and the 1940 Act and the rules and regulations thereunder.

(q) For each calendar quarter of its operation ending on or before the Closing Date, such Acquired Portfolio has complied with the diversification requirements imposed by Section 817(h) of the Code and the Treasury Regulations thereunder on certain insurance company segregated asset accounts. At all relevant times on or before the Closing Date, the Acquired Portfolio has been an investment company to which Treasury Regulations Section 1.817-5(f) applies.

4.2 Except as has been fully disclosed in Schedule 4.2 to this Agreement, the Trust, on behalf of each Acquiring Portfolio, represents and warrants as follows:

(a) Such Acquiring Portfolio is duly established as a series of the Trust, which is a statutory trust duly organized, validly existing and in good standing under the laws of the State of Delaware, with the power under the Declaration, to own all of the assets of

A-5

such Acquiring Portfolio and to carry on its business as it is being conducted as of the date hereof. The Trust is duly qualified to do business as a foreign trust in each jurisdiction in which the conduct of its business makes such qualification necessary except where the failure to so qualify would not have a material adverse effect on the condition (financial or otherwise), business, properties, net assets or results of operations of the Trust. The Trust has all necessary federal, state and local authorization to carry on its business as now being conducted and to fulfill the terms of this Agreement except as described in paragraph 4.2(c).

(b) The Trust is a registered open-end management investment company, and its registration with the Commission as an investment company under the 1940 Act, and the registration of each class of Acquiring Portfolio Shares under the 1933 Act, is in full force and effect or will be in full force and effect as of the Closing Date.

(c) No consent, approval, authorization, or order of any court or governmental authority is required for the consummation by the Acquiring Portfolio of the transactions contemplated herein, except such as may be required under the 1933 Act, the 1934 Act, the 1940 Act, state securities laws and the Hart-Scott-Rodino Act.

(d) The current prospectus and statement of additional information of such Acquiring Portfolio and each prospectus and statement of additional information of such Acquiring Portfolio used during the three (3) years prior to the date of this Agreement conforms or conformed at the time of its use in all material respects to the applicable requirements of the 1933 Act and the 1940 Act and the rules and regulations of the Commission thereunder and does not or did not at the time of its use include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not materially misleading.

(e) Such Acquiring Portfolio is not engaged currently, and the execution, delivery and performance of this Agreement by the Trust, on behalf of such Acquiring Portfolio, will not result, in a material violation of Delaware law or the Declaration or the by-laws of the Trust, or of any agreement, indenture, instrument, contract, lease or other undertaking to which the Trust, on behalf of such Acquiring Portfolio, is a party or by which it is bound, and the execution, delivery and performance of this Agreement by the Trust, on behalf of such Acquiring Portfolio, will not result in the acceleration of any material obligation, or the imposition of any material penalty, under any agreement, indenture, instrument, contract, lease, judgment or decree to which the Trust, on behalf of such Acquiring Portfolio, is a party or by which it is bound.

(f) No litigation or administrative proceeding or investigation of or before any court or governmental body is pending or, to the Trust’s knowledge, threatened against the Trust, with respect to such Acquiring Portfolio, or any of its properties or assets, that, if adversely determined, would materially and adversely affect its financial condition or the conduct of such Acquiring Portfolio’s business. The Trust, on behalf of such Acquiring Portfolio, is not a party to or subject to the provisions of any order, decree or judgment of any court or governmental body that materially and adversely affects such Acquiring Portfolio’s business or the Trust’s ability to consummate the transactions herein contemplated on behalf of such Acquiring Portfolio.

(g) The Statement of Assets and Liabilities, Statements of Operations and Changes in Net Assets and Schedule of Investments of such Acquiring Portfolio for the most recently completed fiscal year of such Acquiring Portfolio prior to the date of this Agreement have been audited by Ernst & Young LLP, independent registered public accounting firm, and are in accordance with GAAP consistently applied, and such statements (true and correct copies of which have been furnished to the Trust) present fairly, in all material respects, the financial condition of such Acquiring Portfolio as of such date and for such period in accordance with GAAP, and there are no known contingent, accrued or other liabilities of such Acquiring Portfolio required to be reflected on a balance sheet (including the notes thereto) in accordance with GAAP as of such date that are not disclosed therein.

(h) Since the last day of the most recently completed fiscal year of such Acquiring Portfolio prior to the date of this Agreement, there has not been any material adverse change in such Acquiring Portfolio’s financial condition, assets, liabilities or business, or any incurrence by such Acquiring Portfolio of indebtedness for money borrowed maturing more than one year from the date such indebtedness was incurred. For the purposes of this subparagraph (h), a decline in net asset value per share of Acquiring Portfolio Shares due to declines in market values of securities held by such Acquiring Portfolio, the discharge of Acquiring Portfolio liabilities, or the redemption of Acquiring Portfolio Shares by shareholders of such Acquiring Portfolio shall not constitute a material adverse change.

(i) On the Closing Date, all federal and other tax returns, dividend reporting forms and other tax-related reports of such Acquiring Portfolio required by law to have been filed (taking into account any extensions) shall have been timely filed (taking such extensions into account) and shall be correct in all material respects, and all federal and other taxes shown as due or required to be shown as due from the Acquiring Portfolio on such tax returns, forms and reports shall have been paid or provision shall have been made for the payment thereof and, to the best of the Trust’s knowledge, no such return is currently under audit and no outstanding assessment of any tax has been asserted with respect to such returns.

A-6

(j) Such Acquiring Portfolio is a separate series of the Trust that is treated as a corporation separate from any and all other series of the Trust under Section 851(g) of the Code. For each taxable year of its operation (including the taxable year that includes the Closing Date), such Acquiring Portfolio has met (or will meet) the requirements of Subchapter M of Chapter 1 of the Code for qualification and treatment as a “regulated investment company” and has been (or will be) eligible to compute and has computed (or will compute) its federal income tax under Section 852 of the Code. For each taxable year of its operation ending prior to the Closing Date, such Acquiring Portfolio will have distributed (or will distribute pursuant to the provisions of Section 855 of the Code) substantially all of (a) its investment company taxable income (as defined in the Code) (computed without regard to any deduction for dividends paid), (b) the excess of its interest income excludable from gross income under Section 103(a) of the Code, if any, over its deductions disallowed under Section 265 and Section 171(a)(2) of the Code, and (c) any net capital gain (as defined in the Code) (after reduction for any capital loss carryover) such that for all tax periods ending prior to the Closing Date such Acquiring Portfolio will not have any unpaid tax liability under Section 852 of the Code. For each calendar year of its operation ending prior to the Closing Date, such Acquiring Portfolio will have made such distributions, if any, as are necessary so that for all calendar years ending prior to the Closing Date such Acquiring Portfolio will not have any unpaid tax liability under Section 4982 of the Code.

(k) All issued and outstanding Acquiring Portfolio Shares are, and on the Closing Date will be, duly authorized and validly and legally issued and outstanding, fully paid and non-assessable by the Trust and will have been offered and sold in any state, territory or the District of Columbia in compliance in all material respects with applicable registration requirements of all applicable federal and state securities laws. Such Acquiring Portfolio does not have outstanding any options, warrants or other rights to subscribe for or purchase any Acquiring Portfolio Shares, nor is there outstanding any security convertible into any Acquiring Portfolio Shares. All of the Acquiring Portfolio Shares to be issued and delivered to the Trust, for the account of the Acquired Portfolio Shareholders, pursuant to this Agreement, will on the Closing Date have been duly authorized and, when so issued and delivered, will be duly and validly and legally issued Acquiring Portfolio Shares and be fully paid and non–assessable by the Trust.

(l) The execution, delivery and performance of this Agreement, and the transactions contemplated herein, have been duly authorized by all necessary action on the part of the Board, on behalf of such Acquiring Portfolio, and this Agreement constitutes a valid and binding obligation of the Trust, on behalf of such Acquiring Portfolio, enforceable in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors’ rights and to general equity principles.

(m) The information to be furnished by the Trust, on behalf of such Acquiring Portfolio, for use in any documents filed or to be filed with any federal, state or local regulatory authority, which may be necessary in connection with the transactions contemplated hereby, shall be accurate and complete in all material respects and shall comply in all material respects with federal securities and other laws and regulations applicable thereto.

(n) The Registration Statement (as defined in paragraph 5.8), insofar as it relates to such Acquiring Portfolio, on the effective date of the Registration Statement and on the Closing Date, will (i) not contain any statement which, at the time and in the light of the circumstances under which it is made, is false or misleading with respect to any material fact, or which omits to state any material fact necessary to make the statements therein not false or misleading (provided that this representation and warranty shall not apply to statements in or omissions from the Registration Statement made in reliance upon and in conformity with information that was furnished by the Trust, on behalf of the corresponding Acquired Portfolio, for use therein) and (ii) comply in all material respects with the provisions of the 1933 Act, the 1934 Act and the 1940 Act and the rules and regulations thereunder.

(o) For each calendar quarter of its operation ending on or before the Closing Date, such Acquiring Portfolio has complied with the diversification requirements imposed by Section 817(h) of the Code and the Treasury Regulations thereunder on certain insurance company segregated asset accounts. At all relevant times on or before the Closing Date, such Acquiring Portfolio has been an investment company to which Treasury Regulations Section 1.817-5(f) applies.

5. COVENANTS

The Trust, on behalf of each Acquired Portfolio, and the Trust, on behalf of each Acquiring Portfolio, respectively, hereby further covenant as follows:

5.1 The Acquired Portfolio and the Acquiring Portfolio each will operate its business in the ordinary course and shall comply in all material respects with all applicable laws, rules and regulations between the date hereof and the Closing Date, it being understood that such ordinary course of business will include the declaration and payment of customary dividends and other distributions, and any other distribution that may be advisable.

5.2 The Acquiring Portfolio Shares to be acquired by such Acquired Portfolio hereunder are not being acquired for the purpose of making any distribution thereof, other than in accordance with the terms of this Agreement.

A-7

5.3 The Trust, on behalf of each Acquired Portfolio, will assist the Trust in obtaining such information as the Trust reasonably requests concerning the beneficial ownership of the Acquired Portfolio Shares.

5.4 Subject to the provisions of this Agreement, the Trust, on behalf of each Acquiring Portfolio, and the Trust, on behalf of each Acquired Portfolio, each will take, or cause to be taken, all action, and do or cause to be done, all things reasonably necessary, proper or advisable to consummate and make effective the transactions contemplated by this Agreement.

5.5 Each of the Trust, on behalf of each Acquiring Portfolio, and the Trust, on behalf of each Acquired Portfolio, will use all reasonable efforts to fulfill or obtain the fulfillment of the conditions precedent to effect the transactions contemplated by this Agreement as promptly as practicable.

5.6 The Trust, on behalf of each Acquired Portfolio, will, from time to time, as and when reasonably requested by the Trust, execute and deliver or cause to be executed and delivered all such assignments and other instruments and will take or cause to be taken such further action as the Trust, on behalf of the corresponding Acquiring Portfolio, may reasonably deem necessary or desirable in order to vest in and confirm (a) the Trust’s title to and possession of the Acquiring Portfolio Shares to be delivered hereunder and (b) the Trust’s title to and possession of all the Assets, and to otherwise to carry out the intent and purpose of this Agreement.

5.7 The Trust, on behalf of each Acquiring Portfolio, will use all reasonable efforts to obtain the approvals and authorizations required by the 1933 Act, the 1940 Act and such of the state blue sky or securities laws as may be necessary in order to continue its operations after the Closing Date.

5.8 The Trust, on behalf of such Acquiring Portfolio, shall prepare and file a registration statement on Form N-14 in compliance with the 1933 Act, the 1934 Act and the 1940 Act and the rules and regulations thereunder with respect to the Reorganization (the “Registration Statement”). The Trust, on behalf of such Acquired Portfolio, will provide to the Trust such information regarding the Acquired Portfolio as may be reasonably necessary for the preparation of the Registration Statement.

6. CONDITIONS PRECEDENT TO OBLIGATIONS OF EACH ACQUIRED PORTFOLIO

The obligations of the Trust, on behalf of each Acquired Portfolio, to consummate the Reorganization of such Acquired Portfolio shall be subject, at the Trust’s election, to the following conditions with respect to the applicable Acquired Portfolio:

6.1 All representations and warranties of the Trust, on behalf of such Acquiring Portfolio, contained in this Agreement shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this Agreement, as of the Closing Date, with the same force and effect as if made on and as of the Closing Date.

6.2 The Trust, on behalf of such Acquiring Portfolio, shall have performed all of the covenants and complied with all of the provisions required by this Agreement to be performed or complied with by the Trust, on behalf of such Acquiring Portfolio, on or before the Closing Date.

6.3 The Trust, on behalf of such Acquiring Portfolio, shall have executed and delivered to the Trust, on behalf of the corresponding Acquired Portfolio, an assumption of the Liabilities of such Acquired Portfolio and all such other agreements and instruments as the Trust may reasonably deem necessary or desirable in order to vest in and confirm (a) such Acquired Portfolio’s title to and possession of the Acquiring Portfolio Shares to be delivered hereunder and (b) the Trust’s assumption of all of the Liabilities, and to otherwise to carry out the intent and purpose of this Agreement.

6.4 The Trust, on behalf of such Acquiring Portfolio, shall have delivered to the Trust, on behalf of the corresponding Acquired Portfolio, a certificate executed in the name of the Trust, on behalf of such Acquiring Portfolio, by the Trust’s President or Vice President and its Treasurer or Assistant Treasurer, in a form reasonably satisfactory to the Trust and dated as of the Closing Date, as to the matters set forth in paragraphs 6.1 and 6.2 and as to such other matters as the Trust shall reasonably request.

6.5 The Trust, on behalf of such Acquiring Portfolio, and the Trust, on behalf of the corresponding Acquired Portfolio, shall have agreed on the number of full and fractional Acquiring Portfolio Shares to be issued in connection with the Reorganization after such number has been calculated in accordance with paragraph 1.1.

A-8

7. CONDITIONS PRECEDENT TO OBLIGATIONS OF EACH ACQUIRING PORTFOLIO

The obligations of the Trust, on behalf of each Acquiring Portfolio, to consummate the Reorganization of such Acquiring Portfolio shall be subject, at the Trust’s election, to the following conditions with respect to the applicable Acquiring Portfolio:

7.1 All representations and warranties of the Trust, on behalf of such Acquired Portfolio, contained in this Agreement shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this Agreement, as of the Closing Date, with the same force and effect as if made on and as of the Closing Date.

7.2 The Trust, on behalf of such Acquired Portfolio, shall have performed all of the covenants and complied with all of the provisions required by this Agreement to be performed or complied with by the Trust, on behalf of such Acquired Portfolio, on or before the Closing Date.

7.3 The Trust on behalf of such Acquired Portfolio, shall have delivered to the Trust, on behalf of the corresponding Acquiring Portfolio, a Statement of Assets and Liabilities of such Acquired Portfolio as of the Closing Date, including a schedule of investments, certified by the Treasurer of the Trust on behalf of such Acquired Portfolio. The Trust, on behalf of such Acquired Portfolio, shall have executed and delivered all such assignments and other instruments of transfer as the Trust may reasonably deem necessary or desirable in order to vest in and confirm (a) the Acquired Portfolio’s title to and possession of the Acquiring Portfolio Shares to be delivered hereunder and (b) the Acquiring Portfolio’s title to and possession of all the Assets and to otherwise to carry out the intent and purpose of this Agreement.

7.4 The Trust, on behalf of such Acquired Portfolio, shall have delivered to the Trust, on behalf of the corresponding Acquiring Portfolio, a certificate executed in the name of the Trust, on behalf of such Acquired Portfolio, by the Trust’s President or Vice President and its Treasurer or Assistant Treasurer, in a form reasonably satisfactory to the Trust and dated as of the Closing Date, as to the matters set forth in paragraphs 7.1 and 7.2 and as to such other matters as the Trust shall reasonably request.

7.5 The Trust, on behalf of such Acquired Portfolio, and the Trust, on behalf of the corresponding Acquiring Portfolio, shall have agreed on the number of full and fractional Acquiring Portfolio Shares to be issued by such Acquiring Portfolio in connection with the Reorganization after such number has been calculated in accordance with paragraph 1.1.

8. FURTHER CONDITIONS PRECEDENT TO OBLIGATIONS OF EACH ACQUIRING PORTFOLIO AND EACH CORRESPONDING ACQUIRED PORTFOLIO

If any of the conditions set forth below have not been satisfied on or before the Closing Date with respect to the Trust, on behalf of each Acquired Portfolio, or the Trust, on behalf of the corresponding Acquiring Portfolio, the other party to this Agreement shall be entitled on behalf of the corresponding Acquired Portfolio or Acquiring Portfolio, as applicable, at its option, to (and shall, in the case of a failure to satisfy the conditions set forth in paragraph 8.4) refuse to consummate the transactions contemplated by this Agreement with respect to the applicable Acquired Portfolio and its corresponding Acquiring Portfolio:

8.1 On the applicable Closing Date, no court or governmental agency of competent jurisdiction shall have issued any order that remains in effect and that restrains or enjoins the Trust, with respect to such Acquired Portfolio, or the Trust, with respect to such Acquiring Portfolio, from completing the transactions contemplated by this Agreement.

8.2 All consents of other parties and all other consents, orders and permits of federal, state and local regulatory authorities deemed necessary by the Trust, on behalf of each Acquired Portfolio, or the Trust, on behalf of the corresponding Acquiring Portfolio, to permit consummation, in all material respects, of the transactions contemplated hereby shall have been obtained, except where failure to obtain any such consent, order or permit would not involve a risk of a material adverse effect on the assets or properties of such Acquiring Portfolio or such Acquired Portfolio, provided that either party hereto may for itself waive any of such conditions.

8.3 The Registration Statement shall have become effective under the 1933 Act and no stop orders suspending the effectiveness thereof shall have been issued and, to the best knowledge of the parties hereto, no investigation or proceeding for that purpose shall have been instituted or be pending.

8.4 The parties shall have received the opinion of Morgan, Lewis & Bockius LLP, dated the Closing Date, substantially to the effect that, based upon certain facts, assumptions and representations and upon certifications made by the Trust, on behalf of the applicable Acquired Portfolio, and the Trust, on behalf of the applicable Acquiring Portfolio, (i) the Reorganization will constitute a “reorganization” within the meaning of Section 368(a) of the Code, and the applicable Acquired Portfolio and the corresponding Acquiring Portfolio will each be a “party to a reorganization” within the meaning of Section 368(b) of the Code; (ii) no gain or loss will be recognized by such Acquiring Portfolio upon receipt of the Assets of the corresponding Acquired Portfolio solely in exchange for the applicable Acquiring Portfolio Shares and the assumption by the Trust, on behalf of such Acquiring Portfolio, of the Liabilities

A-9

of the applicable Acquired Portfolio as part of the Reorganization; (iii) the tax basis in the hands of such Acquiring Portfolio of the Assets of the corresponding Acquired Portfolio transferred to the Acquiring Portfolio in the Reorganization will be the same as the tax basis of such Assets in the hands of the Acquired Portfolio immediately prior to the transfer, increased by the amount of gain (or decreased by the amount of loss), if any, recognized by the Acquired Portfolio upon the transfer; (iv) the holding period in the hands of such Acquiring Portfolio of each Asset transferred to the Acquiring Portfolio in the Reorganization, other than Assets with respect to which gain or loss is required to be recognized in the Reorganization, will include the period during which the Asset was held by such Acquired Portfolio (except where investment activities of the Acquiring Portfolio have the effect of reducing or eliminating the holding period with respect to an Asset); (v) no gain or loss will be recognized by such Acquired Portfolio in the Reorganization upon the transfer of its Assets to the corresponding Acquiring Portfolio solely in exchange for the applicable Acquiring Portfolio Shares and the assumption by the Trust, on behalf of the Acquiring Portfolio, of the Liabilities of the Acquired Portfolio, or upon the distribution of the Acquiring Portfolio Shares by the Acquired Portfolio to its shareholders in complete liquidation of the Acquired Portfolio, except for (A) any gain or loss that may be recognized with respect to contracts subject to Section 1256 of the Code, (B) any gain that may be recognized on the transfer of stock in a “passive foreign investment company” as defined in Section 1297(a) of the Code and (C) any other gain or loss that may be required to be recognized as a result of the closing of the Acquired Portfolio’s taxable year or upon the transfer of an Asset regardless of whether such transfer would otherwise be a non-recognition transaction under the Code; (vi) no gain or loss will be recognized by the Acquired Portfolio Shareholders of such Acquired Portfolio upon the exchange of their Acquired Portfolio Shares solely for Acquiring Portfolio Shares of the corresponding Acquiring Portfolio as part of the Reorganization; (vii) the aggregate tax basis of the Acquiring Portfolio Shares that each Acquired Portfolio Shareholder of the applicable Acquired Portfolio receives in the Reorganization will be the same as the aggregate tax basis of its Acquired Portfolio Shares exchanged therefor; and (viii) each Acquired Portfolio Shareholder’s holding period for its Acquiring Portfolio Shares received in the Reorganization will include the holding period for the Acquired Portfolio Shares exchanged therefor, provided that it held such Acquired Portfolio Shares as capital assets on the date of the exchange. The delivery of such opinion is conditioned upon the receipt by Morgan, Lewis & Bockius LLP of representations it shall request of the Trust. Notwithstanding anything herein to the contrary, the Trust may not waive the condition set forth in this paragraph 8.4 on behalf of any Acquired Portfolio or Acquiring Portfolio.

8.5 The Trust, on behalf of each Acquiring Portfolio, shall have received on the applicable Closing Date an opinion of Morgan, Lewis & Bockius LLP, in a form reasonably satisfactory to the Trust, and dated as of the Closing Date, substantially to the effect that, based upon certain facts and certifications made by the Trust, on behalf of the Acquired Portfolio, and its authorized officers: (a) the Trust is a statutory trust existing under the laws of the State of Delaware; (b) the Trust, with respect to the corresponding Acquired Portfolio, has the power as a statutory trust to carry on its business as presently conducted in accordance with the description thereof in the Trust’s registration statement as an open-end investment company registered under the 1940 Act; (c) this Agreement has been duly authorized, executed and, so far as known to such counsel, delivered by the Trust, on behalf of the corresponding Acquired Portfolio, and constitutes a valid and legally binding obligation of the Trust, on behalf of the corresponding Acquired Portfolio, enforceable against the Trust in accordance with its terms; and (d) the execution and delivery of this Agreement did not, and the transfer of the Assets for Acquiring Portfolio Shares and the assumption by the Acquiring Portfolio of the Liabilities pursuant to this Agreement will not, violate the Declaration or the by-laws of the Trust. Such opinion may state that it is solely for the benefit of the Trust and the Board. Such opinion may contain such assumptions and limitations as shall be in the opinion of Morgan, Lewis & Bockius LLP appropriate to render the opinions expressed therein.

8.6 The Trust, on behalf of each Acquired Portfolio, shall have received on the applicable Closing Date an opinion of Morgan, Lewis & Bockius LLP, in a form reasonably satisfactory to the Trust, and dated as of the Closing Date, substantially to the effect that, based upon certain facts and certifications made by the Trust, on behalf of the corresponding Acquiring Portfolio and its authorized officers: (a) the Trust is a statutory trust validly existing under the laws of the State of Delaware; (b) the Trust, with respect to the corresponding Acquiring Portfolio, has the power as a statutory trust to carry on its business as presently conducted in accordance with the description thereof in the Trust’s registration statement as an open-end investment company registered under the 1940 Act; (c) this Agreement has been duly authorized, executed and, so far as known to such counsel, delivered by the Trust, on behalf of the corresponding Acquiring Portfolio, and constitutes a valid and legally binding obligation of the Trust, on behalf of the corresponding Acquiring Portfolio, enforceable against the Trust in accordance with its terms; and (d) the execution and delivery of this Agreement did not, and the issuance of the Acquiring Portfolio Shares and the assumption of the Liabilities in exchange for the transfer of the Assets pursuant to this Agreement will not, violate the Declaration or the by-laws of the Trust. Such opinion may state that it is solely for the benefit of the Trust and the Board. Such opinion may contain such assumptions and limitations as shall be in the opinion of Morgan, Lewis & Bockius LLP appropriate to render the opinions expressed therein.

9. INDEMNIFICATION

9.1 The Trust, out of each Acquiring Portfolio’s assets and property (including any amounts paid to the Acquiring Portfolio pursuant to any applicable liability insurance policies or indemnification agreements), agrees to indemnify and hold harmless the Trust and the members of the Board and its officers from and against any and all losses, claims, damages, liabilities or expenses (including, without limitation, the payment of reasonable legal fees and reasonable costs of investigation) to which the Trust and those board members and officers may become subject, insofar as such loss, claim, damage, liability or expense (or actions with respect thereto)

A-10

arises out of or is based on (a) any breach by the Trust, on behalf of an Acquiring Portfolio, of any of its representations, warranties, covenants or agreements set forth in this Agreement or (b) any act, error, omission, neglect, misstatement, materially misleading statement, breach of duty or other act wrongfully done or attempted to be committed by the Trust or the members of the Board or its officers prior to the Closing Date, provided that such indemnification by the Trust is not (i) in violation of any applicable law or (ii) otherwise prohibited as a result of any applicable order or decree issued by any governing regulatory authority or court of competent jurisdiction.

9.2 The Trust, out of each Acquired Portfolio’s assets and property (including any amounts paid to the Acquired Portfolio pursuant to any applicable liability insurance policies), agrees to indemnify and hold harmless the Trust and the members of the Board and its officers from and against any and all losses, claims, damages, liabilities or expenses (including, without limitation, the payment of reasonable legal fees and reasonable costs of investigation) to which the Trust and those board members and officers may become subject, insofar as such loss, claim, damage, liability or expense (or actions with respect thereto) arises out of or is based on (a) any breach by the Trust, on behalf of an Acquired Portfolio, of any of its representations, warranties, covenants or agreements set forth in this Agreement or (b) any act, error, omission, neglect, misstatement, materially misleading statement, breach of duty or other act wrongfully done or attempted to be committed by the Trust or the members of the Board or its officers prior to the Closing Date, provided that such indemnification by the Trust is not (i) in violation of any applicable law or (ii) otherwise prohibited as a result of any applicable order or decree issued by any governing regulatory authority or court of competent jurisdiction.

10. BROKER FEES AND EXPENSES

10.1 The Trust, on behalf of each Acquiring Portfolio, and the Trust, on behalf of each Acquired Portfolio, represent and warrant to each other that there are no brokers or finders entitled to receive any payments in connection with the transactions provided for herein.

10.2 The costs of each Reorganization will be borne by the applicable Acquired Portfolio. Notwithstanding any of the foregoing, expenses will in any event be paid by the party directly incurring such expenses (without reimbursement by another person) if and to the extent that the payment by another person of such expenses would prevent such party from being treated as a “regulated investment company” under the Code or would prevent the Reorganization from qualifying as a reorganization within the meaning of Section 368(a) of the Code or otherwise result in the imposition of tax on the Acquired Portfolio or the Acquiring Portfolio or on shareholders of the Acquired Portfolio or the Acquiring Portfolio.

11. ENTIRE AGREEMENT; SURVIVAL OF WARRANTIES

11.1 The Trust, on behalf of each Acquiring Portfolio, and the Trust, on behalf of each Acquired Portfolio, agree that neither party has made any representation, warranty or covenant, on behalf of an Acquiring Portfolio or an Acquired Portfolio, respectively, not set forth herein and that this Agreement constitutes the entire agreement between the parties.

11.2 The covenants to be performed after the Closing by both the Trust, on behalf of each Acquired Portfolio, or the Trust, on behalf of the corresponding Acquiring Portfolio, and the obligations of the Trust, on behalf of each Acquiring Portfolio, in Article 9, shall survive the Closing. All other representations, warranties and covenants contained in this Agreement or in any document delivered pursuant hereto or in connection herewith shall not survive the consummation of the transactions contemplated hereunder and shall terminate on the Closing.

12. TERMINATION

This Agreement may be terminated and the transactions contemplated hereby may be abandoned with respect to any Acquiring Portfolio or Acquired Portfolio at any time prior to the Closing Date with respect to the applicable Reorganization by resolution of either the Board, on behalf of each Acquired Portfolio, or the Board, on behalf of the corresponding Acquiring Portfolio, if circumstances should develop that, in the opinion of that Board, make proceeding with the Agreement inadvisable with respect to such Acquiring Portfolio or such Acquired Portfolio, respectively. Any such termination resolution will be effective when communicated to the other party. The termination of this Agreement with respect to an Acquired Portfolio or its corresponding Acquiring Portfolio shall not affect the continued effectiveness of this Agreement with respect to any other Acquired Portfolio or Acquiring Portfolio, nor shall it affect the rights and obligations of any party in respect of any breach of this Agreement occurring prior to such termination.

13. AMENDMENTS

This Agreement may be amended, modified or supplemented in such manner as may be deemed necessary or advisable by the authorized officers of the Trust, on behalf of each Acquired Portfolio, or the Trust, on behalf of the corresponding Acquiring Portfolio.

A-11

14. NOTICES

Any notice, report, statement or demand required or permitted by any provisions of this Agreement shall be in writing and shall be given by facsimile, electronic delivery (i.e., e-mail), personal service or prepaid or certified mail addressed to the Trust, on behalf of each Acquired Portfolio, or the Trust, on behalf of the corresponding Acquiring Portfolio, at its address set forth in the preamble to this Agreement, in each case to the attention of its President.

15. HEADINGS; COUNTERPARTS; GOVERNING LAW; SEVERABILITY; ASSIGNMENT; LIMITATION OF LIABILITY

15.1 The Article headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

15.2 This Agreement may be executed in any number of counterparts, each of which shall be deemed an original.

15.3 This Agreement shall be governed by and construed and interpreted in accordance with the internal laws of the State of New York.

15.4 This Agreement shall bind and inure to the benefit of the parties hereto and their respective successors and assigns, but no assignment or transfer hereof or of any rights or obligations hereunder shall be made by any party without the written consent of the other parties. Nothing herein expressed or implied is intended or shall be construed to confer upon or give any person, firm or corporation, other than the parties hereto and their respective successors and assigns, any rights or remedies under or by reason of this Agreement.

15.5 The warranties, representations and agreements contained in this Agreement made by the Trust, on behalf of each of the Acquired Portfolios, are made on a several (and not joint, or joint and several) basis. Similarly, the warranties, representations and agreements contained in this Agreement made by the Trust, on behalf of each of the Acquiring Portfolios, are made on a several (and not joint, or joint and several) basis.

[Rest of page intentionally left blank]

A-12

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed by its duly authorized officer.

TRANSAMERICA SERIES TRUST, on behalf of each Acquiring Portfolio listed on Exhibit A attached hereto

By:

Name:

Title:

TRANSAMERICA SERIES TRUST, on behalf of each Acquired Portfolio listed on Exhibit A attached hereto

By:

Name:

Title:

A-13

Exhibit A

Acquired Portfolio/Classes	Acquiring Portfolio/Classes
Transamerica Voya Limited Maturity Bond VP	Transamerica JP Morgan Core Bond VP
Initial Class	Initial Class
Service Class	Service Class
Transamerica Voya Mid Cap Opportunities VP	Transamerica Janus Mid-Cap Growth VP
Initial Class	Initial Class
Service Class	Service Class

A-14

SCHEDULE 4.1

[                    ]

A-15

SCHEDULE 4.2

[                    ]

A-16

EXHIBIT B

Information Regarding Parent Entities of “Control Persons”

Entity	Place of Organization
The Aegon Trust	Delaware
Transamerica Corporation	Delaware
Aegon U.S. Holding Corporation	Delaware
Aegon USA, LLC	Iowa
Commonwealth General Corporation	Delaware
Transamerica Premier Life Insurance Company	Iowa
Transamerica International Holdings, Inc.	Delaware
Transamerica Life Insurance Company	Iowa

B-1

The information in this Statement of Additional Information is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Statement of Additional Information is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

PART B

TRANSAMERICA SERIES TRUST

on behalf of its Series:

TRANSAMERICA JPMORGAN CORE BOND VP

TRANSAMERICA JANUS MID-CAP GROWTH VP

(each a “Destination Portfolio”)

1801 California St., Suite 5200

Denver, CO 80202

(Toll free) 1-888-233-4339

STATEMENT OF ADDITIONAL INFORMATION

[          ], 2016

This Statement of Additional Information (“SAI”) is not a prospectus and should be read in conjunction with the combined Information Statement and Prospectus dated [          ], 2016 (the “Information Statement/Prospectus”), which relates to Initial Class and Service Class shares of the Destination Portfolios to be issued in exchange for shares of Transamerica Voya Limited Maturity Bond and Transamerica Voya Mid Cap Opportunities VP (each a “Target Portfolio”), as shown below. Please retain this SAI for further reference.

To obtain a copy of the Information Statement/Prospectus, free of charge, please write to your Destination Portfolio at the address set forth above or call your Destination Portfolio at the number set forth above.

Target Portfolio & Shares	Destination Portfolio & Shares
Transamerica Voya Limited Maturity Bond VP	Transamerica JPMorgan Core Bond VP
Initial Class	Initial Class
Service Class	Service Class
Transamerica Voya Mid Cap Opportunities VP	Transamerica Janus Mid-Cap Growth VP
Initial Class	Initial Class
Service Class	Service Class

1

TABLE OF CONTENTS

INTRODUCTION	3
DOCUMENTS INCORPORATED BY REFERENCE	3
FINANCIAL STATEMENTS	3

2

INTRODUCTION

This SAI is intended to supplement the Information Statement/Prospectus relating specifically to the proposed transfer of all of the assets of each Target Portfolio to, and the assumption of the liabilities of each Target Portfolio by, each corresponding Destination Portfolio in exchange for shares of each Destination Portfolio as shown in the table on the cover page of this SAI.

DOCUMENTS INCORPORATED BY REFERENCE

This SAI consists of these cover pages and the following documents, each of which was filed electronically with the Securities and Exchange Commission (the “SEC”) and is incorporated by reference herein.

1. The Portfolios’ Statement of Additional Information dated May 1, 2016, as amended and restated on July 1, 2016 (File Nos. 811-04419 and 033-00507) as filed with the SEC on July 1, 2016 (Accession No. 0001193125-16-638511) is incorporated herein by reference.

2. The Portfolios’ Annual Report for the fiscal year ended December 31, 2015 (File No. 811-04419), as filed with the SEC on March 4, 2016 (Accession No. 0001193125-16-493174) is incorporated herein by reference.

3. The Portfolios’ Semi-Annual Report for the fiscal period ended June 30, 2016 (File No. 811-04419), as filed with the SEC on September 1, 2016 (Accession No.  0001193125-16-699234) is incorporated herein by reference.

FINANCIAL STATEMENTS

Shown below are the financial statements for the Target Portfolio and the Destination Portfolio.

The pro forma financial statements are unaudited.

Reorganization Between Voya Limited Maturity Bond VP and JPMorgan Core Bond VP

PRO FORMA SCHEDULE OF INVESTMENTS

At June 30, 2016

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
Asset-Backed Securities - 10.6 %
Academic Loan Funding Trust		1.25	%		12/27/2022	$	-	$	-	$	120,905	$	120,717			$	120,905	$	120,717
Ally Auto Receivables Trust		0.93	%		6/20/2017		-		-		107,486		107,482				107,486		107,482
Ally Auto Receivables Trust		1.03	%		9/20/2017		-		-		128,116		128,120				128,116		128,120
Ally Auto Receivables Trust		1.21	%		12/20/2017		-		-		152,000		152,026				152,000		152,026
Ally Auto Receivables Trust		1.24	%		11/15/2018		-		-		75,000		75,161				75,000		75,161
Ally Auto Receivables Trust		1.60	%		1/15/2021		250,000		251,591		-		-				250,000		251,591
Ally Master Owner Trust		1.63	%		5/15/2020		-		-		500,000		501,462				500,000		501,462
American Credit Acceptance Receivables Trust		1.33	%		7/10/2018		-		-		13,878		13,877				13,878		13,877
American Credit Acceptance Receivables Trust		1.43	%		8/12/2019		-		-		110,066		109,929				110,066		109,929
American Credit Acceptance Receivables Trust		1.57	%		6/12/2019		-		-		174,623		174,195				174,623		174,195
American Homes 4 Rent Trust		3.47	%		4/17/2052		-		-		930,107		984,237				930,107		984,237
American Homes 4 Rent Trust		3.79	%		10/17/2036		-		-		486,376		521,754				486,376		521,754
American Homes 4 Rent Trust		5.04	%		10/17/2045		-		-		700,000		742,780				700,000		742,780
American Homes 4 Rent Trust		5.64	%		4/17/2052		-		-		292,500		299,822				292,500		299,822
American Homes 4 Rent Trust		6.07	%		10/17/2045		-		-		430,000		455,994				430,000		455,994
American Homes 4 Rent Trust		6.23	%		10/17/2036		-		-		150,000		159,847				150,000		159,847
American Homes 4 Rent Trust		6.42	%		12/17/2036		-		-		175,000		188,759				175,000		188,759
American Residential Properties Trust		2.79	%		9/17/2031		250,000		247,755		-		-				250,000		247,755
American Tower Trust I		1.55	%		3/15/2043		-		-		363,000		363,769				363,000		363,769
American Tower Trust I		3.07	%		3/15/2048		-		-		350,000		359,463				350,000		359,463
AmeriCredit Automobile Receivables Trust		0.90	%		2/8/2019		-		-		411,824		411,718				411,824		411,718
AmeriCredit Automobile Receivables Trust		0.90	%		9/10/2018		-		-		84,940		84,935				84,940		84,935
Anchor Assets IX LLC		5.13	%		2/15/2020		-		-		1,000,000		1,000,000				1,000,000		1,000,000
ARES XI CLO, Ltd.		1.88	%		10/11/2021		250,000		237,142		-		-				250,000		237,142
ARLP Securitization Trust		3.97	%		5/25/2055		-		-		526,044		513,787				526,044		513,787
AXIS Equipment Finance Receivables III LLC		1.90	%		3/20/2020		-		-		244,263		244,195				244,263		244,195
B2R Mortgage Trust		2.52	%		5/15/2048		-		-		222,038		223,356				222,038		223,356
B2R Mortgage Trust		3.34	%		11/15/2048		-		-		793,860		818,879				793,860		818,879
BA Credit Card Trust		0.71	%		9/16/2019		100,000		100,095		-		-				100,000		100,095
Banc of America Funding Corp.		3.00	%		10/26/2039		-		-		171,367		168,984				171,367		168,984
Bank of The West Auto Trust		1.65	%		3/16/2020		400,000		401,790		-		-				400,000		401,790
Bank of The West Auto Trust		1.66	%		9/15/2020		100,000		100,013		-		-				100,000		100,013
BCC Funding Corp. X		2.22	%		10/20/2020		-		-		435,555		434,869				435,555		434,869
Blue Elephant Loan Trust		3.12	%		12/15/2022		-		-		180,353		180,214				180,353		180,214

3

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
BMW Vehicle Lease Trust		1.55	%		2/20/2019	$	60,000	$	60,179	$	-	$	-			$	60,000	$	60,179
BMW Vehicle Owner Trust		0.97	%		11/26/2018		-		-		193,299		193,352				193,299		193,352
BXG Receivables Note Trust		2.66	%		12/2/2027		-		-		62,939		62,780				62,939		62,780
Cabela’s Credit Card Master Note Trust		1.78	%		6/15/2022		300,000		301,650		-		-				300,000		301,650
Cabela’s Credit Card Master Note Trust		2.26	%		3/15/2023		600,000		615,002		-		-				600,000		615,002
California Republic Auto Receivables Trust		1.33	%		4/15/2019		-		-		600,000		600,400				600,000		600,400
Callidus Debt Partners CLO Fund VI, Ltd.		0.90	%		10/23/2021		291,042		286,392		-		-				291,042		286,392
CAM Mortgage LLC		3.50	%		7/15/2064		-		-		193,363		193,436				193,363		193,436
Capital Auto Receivables Asset Trust		1.26	%		5/21/2018		-		-		414,558		414,804				414,558		414,804
Capital Auto Receivables Asset Trust		1.31	%		12/20/2017		-		-		46,923		46,927				46,923		46,927
Capital Auto Receivables Asset Trust		1.61	%		6/20/2019		230,000		231,057		-		-				230,000		231,057
Capital One Multi-Asset Execution Trust		0.82	%		1/18/2022		500,000		499,729		-		-				500,000		499,729
Capital One Multi-Asset Execution Trust		1.45	%		8/16/2021		180,000		181,359		-		-				180,000		181,359
CarFinance Capital Auto Trust		1.44	%		11/16/2020		-		-		389,804		388,076				389,804		388,076
CarFinance Capital Auto Trust		1.46	%		12/17/2018		-		-		30,907		30,886				30,907		30,886
CarFinance Capital Auto Trust		1.75	%		6/15/2021		-		-		135,637		135,070				135,637		135,070
CarFinance Capital Auto Trust		2.72	%		4/15/2020		-		-		125,000		125,106				125,000		125,106
Carlyle Global Market Strategies Commodities Funding, Ltd.		2.57	%		10/15/2021		-		-		387,720		383,145				387,720		383,145
CarMax Auto Owner Trust		0.80	%		7/16/2018		-		-		33,415		33,396				33,415		33,396
CarMax Auto Owner Trust		0.98	%		1/15/2019		-		-		571,882		571,910				571,882		571,910
CarMax Auto Owner Trust		1.28	%		5/15/2019		-		-		83,000		83,137				83,000		83,137
CarMax Auto Owner Trust		1.52	%		2/16/2021		100,000		100,580		-		-				100,000		100,580
CarMax Auto Owner Trust		1.63	%		5/15/2020		350,000		352,915		-		-				350,000		352,915
CarMax Auto Owner Trust		1.81	%		7/15/2020		260,000		263,365		-		-				260,000		263,365
CarMax Auto Owner Trust		1.83	%		7/15/2020		180,000		181,611		-		-				180,000		181,611
CarNow Auto Receivables Trust		1.69	%		1/15/2020		-		-		264,815		264,354				264,815		264,354
Chase Funding Loan Acquisition Trust		4.75	%		12/25/2019		59,483		59,990		-		-				59,483		59,990
Chase Funding Trust		4.28	%		11/25/2034		-		-		63,066		64,291				63,066		64,291
Chase Issuance Trust		1.37	%		6/15/2021		200,000		201,035		-		-				200,000		201,035
Chase Issuance Trust		1.62	%		7/15/2020		300,000		303,328		-		-				300,000		303,328
Chrysler Capital Auto Receivables Trust		0.83	%		9/17/2018		-		-		64,023		64,000				64,023		64,000
Chrysler Capital Auto Receivables Trust		1.76	%		12/16/2019		200,000		201,164		-		-				200,000		201,164
CIFC Funding, Ltd.		2.27	%		3/1/2021		250,000		246,202		-		-				250,000		246,202
Citi Held For Asset Issuance		1.85	%		12/15/2021		-		-		206,529		206,093				206,529		206,093
Citi Held For Asset Issuance		4.48	%		8/15/2022		-		-		507,535		513,633				507,535		513,633
Citi Held For Asset Issuance		4.65	%		4/15/2025		-		-		426,823		431,802				426,823		431,802
Citi Held For Asset Issuance		6.64	%		8/15/2022		-		-		650,000		649,570				650,000		649,570
Citibank Credit Card Issuance Trust		0.73	%		5/26/2020		261,000		261,157		-		-				261,000		261,157
Citibank Credit Card Issuance Trust		2.15	%		7/15/2021		130,000		133,680		-		-				130,000		133,680
CNH Equipment Trust		1.89	%		4/15/2022		190,000		192,624		-		-				190,000		192,624

4

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
Concord Funding Co. LLC		3.15	%		1/15/2017	$	-	$	-	$	350,000	$	350,000			$	350,000	$	350,000
Consumer Credit Origination Loan Trust		2.82	%		3/15/2021		-		-		81,605		81,603				81,605		81,603
CPS Auto Receivables Trust		1.11	%		11/15/2018		-		-		171,536		171,220				171,536		171,220
CPS Auto Receivables Trust		1.21	%		8/15/2018		-		-		64,326		64,273				64,326		64,273
CPS Auto Receivables Trust		1.31	%		6/15/2020		-		-		44,495		44,066				44,495		44,066
CPS Auto Receivables Trust		1.31	%		2/15/2019		-		-		254,606		254,311				254,606		254,311
CPS Auto Receivables Trust		1.49	%		4/15/2019		-		-		289,354		289,012				289,354		289,012
CPS Auto Receivables Trust		1.53	%		7/15/2019		-		-		271,678		271,315				271,678		271,315
CPS Auto Receivables Trust		1.54	%		7/16/2018		-		-		72,425		72,423				72,425		72,423
CPS Auto Receivables Trust		1.65	%		11/15/2019		-		-		406,122		403,957				406,122		403,957
CPS Auto Receivables Trust		2.07	%		11/15/2019		-		-		202,165		202,185				202,165		202,185
CPS Auto Receivables Trust		2.25	%		10/15/2019		-		-		362,457		362,946				362,457		362,946
CPS Auto Receivables Trust		2.52	%		9/16/2019		-		-		51,878		51,994				51,878		51,994
CPS Auto Receivables Trust		3.77	%		8/17/2020		-		-		100,000		97,302				100,000		97,302
CPS Auto Receivables Trust		4.35	%		11/16/2020		-		-		100,000		96,582				100,000		96,582
CPS Auto Receivables Trust		4.63	%		8/16/2021		-		-		344,000		334,297				344,000		334,297
CPS Auto Trust		1.48	%		3/16/2020		-		-		17,860		17,780				17,860		17,780
CPS Auto Trust		1.82	%		12/16/2019		-		-		33,335		33,301				33,335		33,301
Credit Acceptance Auto Loan Trust		1.55	%		10/15/2021		-		-		385,761		385,778				385,761		385,778
Credit Acceptance Auto Loan Trust		1.88	%		3/15/2022		-		-		950,000		951,733				950,000		951,733
Credit Acceptance Auto Loan Trust		2.40	%		2/15/2023		-		-		524,000		527,196				524,000		527,196
Discover Card Execution Note Trust		0.87	%		7/15/2021		510,000		511,172		-		-				510,000		511,172
Discover Card Execution Note Trust		1.45	%		3/15/2021		140,000		141,458		-		-				140,000		141,458
Discover Card Execution Note Trust		1.67	%		1/18/2022		220,000		223,559		-		-				220,000		223,559
Discover Card Execution Note Trust		2.12	%		12/15/2021		200,000		205,046		-		-				200,000		205,046
Drive Auto Receivables Trust		2.12	%		6/17/2019		-		-		408,000		408,835				408,000		408,835
Drive Auto Receivables Trust		2.56	%		6/15/2020		-		-		191,000		191,826				191,000		191,826
Drive Auto Receivables Trust		3.84	%		7/15/2021		-		-		400,000		396,959				400,000		396,959
Drive Auto Receivables Trust		4.12	%		7/15/2022		-		-		294,000		294,231				294,000		294,231
Drive Auto Receivables Trust		4.59	%		1/17/2023		-		-		286,000		288,081				286,000		288,081
DT Auto Owner Trust		1.06	%		9/17/2018		-		-		23,864		23,863				23,864		23,863
DT Auto Owner Trust		1.73	%		8/15/2019		-		-		393,473		393,494				393,473		393,494
DT Auto Owner Trust		1.75	%		11/15/2019		-		-		800,000		799,750				800,000		799,750
DT Auto Owner Trust		2.00	%		9/16/2019		-		-		428,119		429,395				428,119		429,395
DT Auto Owner Trust		2.65	%		7/15/2020		-		-		400,000		400,125				400,000		400,125
Exeter Automobile Receivables Trust		1.06	%		8/15/2018		-		-		16,980		16,971				16,980		16,971
Exeter Automobile Receivables Trust		1.32	%		1/15/2019		-		-		180,394		180,122				180,394		180,122
Exeter Automobile Receivables Trust		1.54	%		11/15/2019		-		-		218,730		218,190				218,730		218,190
Exeter Automobile Receivables Trust		1.60	%		6/17/2019		-		-		193,378		193,486				193,378		193,486
Exeter Automobile Receivables Trust		2.21	%		7/15/2020		-		-		667,397		667,269				667,397		667,269
Exeter Automobile Receivables Trust		2.35	%		7/15/2020		-		-		247,838		248,310				247,838		248,310
Exeter Automobile Receivables Trust		5.52	%		10/15/2021		-		-		445,000		441,656				445,000		441,656

5

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
Fifth Third Auto Trust		0.96	%		3/15/2019	$	-	$	-	$	90,033	$	90,033			$	90,033	$	90,033
Fifth Third Auto Trust		1.38	%		12/15/2020		180,000		180,778		-		-				180,000		180,778
First Investors Auto Owner Trust		1.06	%		11/15/2018		-		-		75,993		75,986				75,993		75,986
First Investors Auto Owner Trust		1.21	%		4/15/2019		-		-		182,573		182,340				182,573		182,340
First Investors Auto Owner Trust		1.44	%		10/15/2019		-		-		133,857		133,780				133,857		133,780
First Investors Auto Owner Trust		1.59	%		12/16/2019		-		-		249,978		249,605				249,978		249,605
First Investors Auto Owner Trust		1.67	%		11/16/2020		-		-		351,000		351,510				351,000		351,510
First Investors Auto Owner Trust		1.92	%		5/15/2020		-		-		327,931		328,903				327,931		328,903
FirstKey Lending Trust		2.55	%		3/9/2047		-		-		796,078		801,481				796,078		801,481
FirstKey Lending Trust		3.42	%		3/9/2047		-		-		240,000		244,289				240,000		244,289
Flagship Credit Auto Trust		1.43	%		12/16/2019		-		-		178,469		177,642				178,469		177,642
Flagship Credit Auto Trust		1.63	%		6/15/2020		-		-		357,365		355,634				357,365		355,634
Flagship Credit Auto Trust		1.94	%		1/15/2019		-		-		31,913		31,950				31,913		31,950
Flagship Credit Auto Trust		2.38	%		10/15/2020		-		-		737,724		739,021				737,724		739,021
Flagship Credit Auto Trust		2.77	%		12/15/2020		-		-		486,905		490,804				486,905		490,804
Flagship Credit Auto Trust		2.84	%		11/16/2020		-		-		134,000		133,019				134,000		133,019
Flagship Credit Auto Trust		3.68	%		3/15/2022		-		-		189,000		188,764				189,000		188,764
Flagship Credit Auto Trust		3.95	%		12/15/2020		-		-		66,000		66,390				66,000		66,390
Flagship Credit Auto Trust		4.65	%		3/15/2022		-		-		126,000		121,255				126,000		121,255
Flagship Credit Auto Trust		6.22	%		6/15/2022		-		-		600,000		604,966				600,000		604,966
Ford Credit Auto Lease Trust		0.89	%		9/15/2017		-		-		84,029		84,023				84,029		84,023
Ford Credit Auto Lease Trust		1.10	%		11/15/2017		-		-		77,000		76,997				77,000		76,997
Ford Credit Auto Owner Trust		0.81	%		1/15/2018		-		-		77,402		77,376				77,402		77,376
Ford Credit Auto Owner Trust		0.90	%		10/15/2018		-		-		149,662		149,659				149,662		149,659
Ford Credit Auto Owner Trust		1.06	%		5/15/2019		-		-		590,919		591,830				590,919		591,830
Ford Credit Auto Owner Trust		1.28	%		9/15/2019		-		-		196,000		196,787				196,000		196,787
GCAT		3.75	%		7/25/2020		-		-		446,055		443,889				446,055		443,889
GLC II Trust		4.00	%		12/18/2020		-		-		240,035		235,834				240,035		235,834
GLC Trust		3.00	%		7/15/2021		-		-		247,265		242,938				247,265		242,938
GLS Auto Receivables Trust		2.25	%		12/15/2020		-		-		355,312		354,941				355,312		354,941
GLS Auto Receivables Trust		2.73	%		10/15/2020		-		-		544,955		544,971				544,955		544,971
GLS Auto Receivables Trust		4.39	%		1/15/2021		-		-		180,000		180,178				180,000		180,178
GM Financial Automobile Leasing Trust		1.10	%		12/20/2017		-		-		234,779		234,817				234,779		234,817
GM Financial Automobile Leasing Trust		1.53	%		9/20/2018		-		-		214,000		215,156				214,000		215,156
GM Financial Automobile Leasing Trust		1.76	%		3/20/2020		150,000		150,373		-		-				150,000		150,373
GM Financial Automobile Leasing Trust		1.81	%		11/20/2019		130,000		130,592		-		-				130,000		130,592
GO Financial Auto Securitization Trust		1.81	%		3/15/2018		-		-		174,674		174,556				174,674		174,556
GO Financial Auto Securitization Trust		3.27	%		11/15/2018		-		-		350,715		349,922				350,715		349,922
GO Financial Auto Securitization Trust		4.80	%		8/17/2020		-		-		348,000		344,484				348,000		344,484
Gold Key Resorts LLC		3.22	%		3/17/2031		-		-		251,444		249,701				251,444		249,701
Green Tree Agency Advance Funding Trust I		4.67	%		10/15/2048		-		-		637,000		638,217				637,000		638,217
GSAMP Trust		0.80	%		1/25/2045		44,548		44,069		-		-				44,548		44,069
Gulf Stream-Compass CLO, Ltd.		1.53	%		10/28/2019		250,000		249,862		-		-				250,000		249,862

6

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
Gulf Stream - Compass CLO, Ltd.		2.63	%		10/28/2019	$	250,000	$	249,970	$	-	$	-			$	250,000	$	249,970
Gulf Stream - Compass CLO, Ltd.		4.08	%		10/28/2019		250,000		250,064		-		-				250,000		250,064
Harley-Davidson Motorcycle Trust		1.55	%		10/15/2021		410,000		413,035		-		-				410,000		413,035
Harley-Davidson Motorcycle Trust		1.67	%		8/15/2022		300,000		302,309		-		-				300,000		302,309
Honda Auto Receivables Owner Trust		0.77	%		3/19/2018		-		-		109,262		109,206				109,262		109,206
Hyundai Auto Lease Securitization Trust		1.68	%		4/15/2020		200,000		200,486		-		-				200,000		200,486
Hyundai Auto Receivables Trust		0.69	%		4/16/2018		-		-		41,452		41,433				41,452		41,433
Hyundai Auto Receivables Trust		0.90	%		12/17/2018		-		-		659,983		659,844				659,983		659,844
Hyundai Auto Receivables Trust		1.12	%		11/15/2019		-		-		140,000		140,158				140,000		140,158
Hyundai Auto Receivables Trust		1.13	%		9/17/2018		210,000		209,768		-		-				210,000		209,768
Hyundai Auto Receivables Trust		1.32	%		8/15/2019		180,000		180,616		-		-				180,000		180,616
Hyundai Auto Receivables Trust		1.37	%		7/15/2020		180,000		180,935		-		-				180,000		180,935
Hyundai Auto Receivables Trust		1.46	%		11/15/2019		50,000		50,201		-		-				50,000		50,201
KGS-Alpha SBA Coof Trust, Interest Only STRIPS		0.85	%		8/25/2038		-		-		1,801,294		49,536				1,801,294		49,536
KGS-Alpha SBA Coof Trust, Interest Only STRIPS		1.56	%		3/25/2039		-		-		1,408,235		66,891				1,408,235		66,891
KGS-Alpha SBA Coof Trust, Interest Only STRIPS		3.00	%		4/25/2040		-		-		695,518		83,027				695,518		83,027
Kingsland III, Ltd.		1.31	%		8/24/2021		420,000		397,156		-		-				420,000		397,156
KKR Financial CLO, Ltd.		2.88	%		5/15/2021		500,000		500,077		-		-				500,000		500,077
KKR Financial CLO, Ltd.		5.63	%		5/15/2021		500,000		499,975		-		-				500,000		499,975
Lendmark Funding Trust		4.82	%		8/21/2023		-		-		445,000		443,592				445,000		443,592
LV Tower 52		5.50	%		7/15/2019		-		-		633,737		619,732				633,737		619,732
MarketPlace Loan Trust		3.25	%		9/17/2017		-		-		164,773		163,863				164,773		163,863
MarketPlace Loan Trust		3.25	%		12/18/2017		-		-		531,099		531,099				531,099		531,099
Mercedes-Benz Auto Receivables Trust		1.75	%		12/15/2021		140,000		142,038		-		-				140,000		142,038
Muir Grove CLO, Ltd.		2.64	%		3/25/2020		600,000		594,596		-		-				600,000		594,596
Nationstar HECM Loan Trust		2.24	%		6/25/2026		-		-		285,000		285,000				285,000		285,000
Nationstar HECM Loan Trust		3.84	%		5/25/2018		-		-		170,487		170,481				170,487		170,481
Nationstar HECM Loan Trust		4.36	%		2/25/2026		-		-		365,000		366,398				365,000		366,398
Nissan Auto Lease Trust		0.80	%		2/15/2017		-		-		27,822		27,821				27,822		27,821
Nissan Auto Lease Trust		1.65	%		10/15/2021		150,000		150,427		-		-				150,000		150,427
NRPL Trust		3.75	%		10/25/2057		-		-		546,797		536,989				546,797		536,989
NRZ Advance Receivables Trust		2.31	%		8/15/2046		-		-		650,000		649,463				650,000		649,463
NRZ Advance Receivables Trust		2.75	%		6/15/2049		-		-		439,000		441,054				439,000		441,054
NRZ Advance Receivables Trust		3.60	%		8/15/2046		-		-		250,000		249,297				250,000		249,297
NRZ Advance Receivables Trust		4.27	%		11/15/2046		-		-		750,000		750,139				750,000		750,139
NRZ Advance Receivables Trust		4.67	%		11/15/2047		-		-		400,000		400,125				400,000		400,125

7

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
NRZ Advance Receivables Trust		4.68	%		8/17/2048	$	-	$	-	$	241,000	$	241,151			$	241,000	$	241,151
NRZ Advance Receivables Trust Advance Receivables Backed		3.20	%		11/15/2047		-		-		1,300,000		1,306,086				1,300,000		1,306,086
Oak Hill Advisors Residential Loan Trust		3.72	%		7/25/2055		-		-		300,409		298,920				300,409		298,920
Ocwen Master Advance Receivables Trust		3.21	%		11/15/2047		-		-		954,000		958,046				954,000		958,046
Ocwen Master Advance Receivables Trust		3.70	%		11/15/2047		-		-		229,000		228,755				229,000		228,755
Ocwen Master Advance Receivables Trust		4.10	%		9/17/2046		-		-		438,000		437,891				438,000		437,891
Ocwen Master Advance Receivables Trust		4.69	%		11/15/2047		-		-		400,000		400,800				400,000		400,800
OnDeck Asset Securitization Trust II LLC		4.21	%		5/17/2020		-		-		422,000		422,000				422,000		422,000
OnDeck Asset Securitization Trust II LLC		7.63	%		5/17/2020		-		-		117,000		117,585				117,000		117,585
OneMain Financial Issuance Trust		2.47	%		9/18/2024		-		-		1,218,000		1,220,645				1,218,000		1,220,645
OneMain Financial Issuance Trust		2.57	%		7/18/2025		-		-		1,138,000		1,137,663				1,138,000		1,137,663
OneMain Financial Issuance Trust		3.02	%		9/18/2024		-		-		380,000		378,112				380,000		378,112
OneMain Financial Issuance Trust		3.10	%		7/18/2025		-		-		279,000		273,054				279,000		273,054
OneMain Financial Issuance Trust		3.19	%		3/18/2026		-		-		691,000		698,116				691,000		698,116
OneMain Financial Issuance Trust		5.94	%		3/20/2028		-		-		175,000		180,495				175,000		180,495
Oportun Funding II LLC		3.69	%		7/8/2021		-		-		571,000		570,940				571,000		570,940
Oportun Funding II LLC		4.70	%		3/8/2021		-		-		629,000		629,000				629,000		629,000
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates		1.39	%		10/25/2034		-		-		4,932		4,931				4,932		4,931
PFS Tax Lien Trust		1.44	%		5/15/2029		-		-		37,741		37,537				37,741		37,537
Porsche Innovative Lease Owner Trust		1.43	%		5/21/2021		110,000		110,154		-		-				110,000		110,154
Prestige Auto Receivables Trust		1.09	%		2/15/2019		-		-		127,040		126,933				127,040		126,933
Pretium Mortgage Credit Partners I LLC		3.75	%		7/27/2030		-		-		512,371		511,039				512,371		511,039
Progreso Receivables Funding II LLC		3.50	%		7/8/2019		-		-		600,000		600,881				600,000		600,881
Progreso Receivables Funding III LLC		3.63	%		2/8/2020		-		-		589,000		587,972				589,000		587,972
Progreso Receivables Funding IV LLC		3.00	%		7/28/2020		-		-		250,000		245,575				250,000		245,575
Progress Residential Trust		2.74	%		6/12/2032		-		-		1,403,400		1,423,351				1,403,400		1,423,351
Progress Residential Trust		3.07	%		11/12/2032		-		-		1,748,167		1,796,356				1,748,167		1,796,356
Progress Residential Trust		3.14	%		6/12/2032		-		-		327,000		329,170				327,000		329,170
Progress Residential Trust		4.67	%		11/12/2032		-		-		300,000		309,964				300,000		309,964
Progress Residential Trust		5.66	%		11/12/2032		-		-		200,000		205,301				200,000		205,301
Purchasing Power Funding LLC		4.75	%		12/15/2019		-		-		650,000		647,562				650,000		647,562
RAMP Trust		0.75	%		3/25/2036		-		-		83,265		82,471				83,265		82,471
RAMP Trust		1.38	%		11/25/2034		-		-		68,609		68,112				68,609		68,112
RBSHD Trust		7.69	%		10/25/2047		-		-		169,337		169,370				169,337		169,370
RMAT LLC		3.75	%		5/25/2055		-		-		181,982		180,409				181,982		180,409
Santander Drive Auto Receivables Trust		1.56	%		5/15/2020		-		-		337,000		337,454				337,000		337,454
Santander Drive Auto Receivables Trust		1.84	%		11/18/2019		-		-		17,351		17,221				17,351		17,221
Santander Drive Auto Receivables Trust		1.93	%		9/17/2019		-		-		84,580		83,945				84,580		83,945
Santander Drive Auto Receivables Trust		1.97	%		3/16/2021		-		-		75,579		75,012				75,579		75,012
Saxon Asset Securities Trust		4.80	%		6/25/2033		-		-		20,371		20,562				20,371		20,562

8

						Voya Limited Maturity Bond VP					JPMorgan Core Bond VP					Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value			Principal		Value			Principal	Value	Principal		Value
Securitized Asset-Backed Receivables LLC Trust		3.42	%		1/25/2036	$	-	$	-		$	24,607	$	18,004				$	24,607	$	18,004
Selene Non-Performing Loans LLC		2.98	%		5/25/2054		-		-			110,002		109,246					110,002		109,246
Sierra Auto Receivables Securitization Trust		2.85	%		1/18/2022		-		-			187,000		186,997					187,000		186,997
Skopos Auto Receivables Trust		3.55	%		2/15/2020		-		-			118,197		118,072					118,197		118,072
SpringCastle America Funding LLC		2.70	%		5/25/2023		-		-			923,039		926,178					923,039		926,178
SpringCastle America Funding LLC		4.61	%		10/25/2027		-		-			300,000		300,474					300,000		300,474
Springleaf Funding Trust		2.41	%		12/15/2022		-		-			858,320		858,838					858,320		858,838
Springleaf Funding Trust		3.16	%		11/15/2024		-		-			769,000		773,549					769,000		773,549
Springleaf Funding Trust		3.45	%		12/15/2022		-		-			146,000		145,874					146,000		145,874
SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes		4.23	%		1/15/2047		-		-			344,000		344,476					344,000		344,476
SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes		4.43	%		7/15/2047		-		-			321,000		327,495					321,000		327,495
Sunset Mortgage Loan Co. LLC		3.72	%		11/16/2044		-		-			323,147		321,434					323,147		321,434
Synchrony Credit Card Master Note Trust		1.60	%		4/15/2021		130,000		130,527			-		-					130,000		130,527
Synchrony Credit Card Master Note Trust		2.04	%		3/15/2022		200,000		203,660			-		-					200,000		203,660
Tidewater Auto Receivables Trust		1.40	%		7/15/2018		-		-			14,239		14,236					14,239		14,236
Toyota Auto Receivables Owner Trust		0.93	%		7/16/2018		-		-			159,997		159,931					159,997		159,931
Toyota Auto Receivables Owner Trust		1.30	%		4/15/2020		-		-			226,000		227,033					226,000		227,033
Toyota Auto Receivables Owner Trust		1.47	%		9/15/2021		220,000		222,304			-		-					220,000		222,304
Toyota Auto Receivables Owner Trust		1.74	%		9/15/2020		100,000		101,135			-		-					100,000		101,135
Trafigura Securitisation Finance PLC		1.39	%		10/15/2018		-		-			691,000		683,750					691,000		683,750
Tricon American Homes Trust		1.69	%		5/17/2032		-		-			159,423		157,021					159,423		157,021
Truman Capital Mortgage Loan Trust		3.13	%		4/25/2053		-		-			659		659					659		659
USAA Auto Owner Trust		1.54	%		11/16/2020		100,000		100,858			-		-					100,000		100,858
Vericrest Opportunity Loan Trust		3.38	%		10/25/2058		-		-			426,260		421,785					426,260		421,785
VML LLC		3.88	%		4/27/2054		-		-			97,156		97,069					97,156		97,069
Volkswagen Auto Lease Trust		0.87	%		6/20/2017		-		-			126,339		126,297					126,339		126,297
Volkswagen Auto Loan Enhanced Trust		0.66	%		3/20/2019		87,794		87,647			-		-					87,794		87,647
VOLT NPL X LLC		3.38	%		10/26/2054		-		-			177,665		176,597					177,665		176,597
VOLT XIX LLC		3.88	%		4/25/2055		-		-			268,943		268,683					268,943		268,683
VOLT XL LLC		4.38	%		11/27/2045		-		-			449,694		451,420					449,694		451,420
VOLT XLV LLC		4.00	%		5/25/2046		-		-			172,661		172,315					172,661		172,315
VOLT XLVI LLC		3.84	%		6/25/2046		-		-			448,000		448,000					448,000		448,000
VOLT XLVII LLC		3.75	%		6/25/2046		-		-			458,000		458,000					458,000		458,000
VOLT XXII LLC		3.50	%		2/25/2055		-		-			308,528		306,798					308,528		306,798
VOLT XXIV LLC		3.50	%		2/25/2055		-		-			556,948		554,190					556,948		554,190
VOLT XXV LLC		3.50	%		6/26/2045		-		-			1,178,905		1,170,570					1,178,905		1,170,570
VOLT XXVI LLC		3.13	%		9/25/2043		-		-			300,442		297,985					300,442		297,985
VOLT XXVI LLC		4.25	%		9/25/2043		-		-			184,546		177,653					184,546		177,653
VOLT XXVII LLC		3.38	%		8/27/2057		-		-			569,934		566,453					569,934		566,453
VOLT XXX LLC		3.63	%		10/25/2057		-		-			421,730		419,672					421,730		419,672
VOLT XXXI LLC		3.38	%		2/25/2055		-		-			341,064		337,702					341,064		337,702
VOLT XXXIII LLC		3.50	%		3/25/2055		-		-			551,742		547,016					551,742		547,016
VOLT XXXIV LLC		3.25	%		2/25/2055		-		-			325,005		322,511					325,005		322,511
VOLT XXXIX LLC		4.13	%		10/25/2045		-		-			329,527		329,996					329,527		329,996
VOLT XXXV LLC		3.50	%		6/26/2045		-		-			367,457		364,469					367,457		364,469
Westlake Automobile Receivables Trust		1.57	%		6/17/2019		-		-			519,000		519,000					519,000		519,000
Westlake Automobile Receivables Trust		4.10	%		6/15/2021		-		-			170,000		171,431					170,000		171,431
Westlake Automobile Receivables Trust		4.40	%		5/17/2021		-		-			250,000		252,062					250,000		252,062
World Omni Auto Receivables Trust		0.79	%		7/16/2018		-		-			63,099		63,075					63,099		63,075
World Omni Auto Receivables Trust		0.83	%		8/15/2018		-		-			47,665		47,634					47,665		47,634
World Omni Auto Receivables Trust		1.32	%		1/15/2020		-		-			79,000		79,246					79,000		79,246
World Omni Auto Receivables Trust		1.34	%		5/15/2020		-		-			129,000		129,580					129,000		129,580
World Omni Auto Receivables Trust		1.84	%		1/17/2022		80,000		80,797			-		-					80,000		80,797
Total Asset-Backed Securities									13,207,049					75,501,995							88,709,044
								($	Total Cost 13,113,555	)			($	Total Cost 75,513,863	)					($	Total Cost 88,627,418	)

9

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
Corporate Debt Securities - 23.3 %
Aerospace & Defense
Airbus Group Finance BV		2.70	%		4/17/2023	$	-	$	-	$	43,000	$	44,691			$	43,000	$	44,691
BAE Systems Holdings, Inc.		3.80	%		10/7/2024		-		-		68,000		71,535				68,000		71,535
BAE Systems Holdings, Inc.		3.85	%		12/15/2025		-		-		200,000		211,988				200,000		211,988
BAE Systems Holdings, Inc.		6.38	%		6/1/2019		-		-		30,000		33,723				30,000		33,723
BAE Systems PLC		5.80	%		10/11/2041		-		-		92,000		113,354				92,000		113,354
Boeing Co.		7.95	%		8/15/2024		-		-		30,000		42,426				30,000		42,426
L-3 Communications Corp.		1.50	%		5/28/2017		148,000		148,130		-		-				148,000		148,130
Lockheed Martin Corp.		1.85	%		11/23/2018		180,000		182,442		-		-				180,000		182,442
Lockheed Martin Corp.		3.10	%		1/15/2023		-		-		74,000		77,995				74,000		77,995
Lockheed Martin Corp.		4.07	%		12/15/2042		-		-		57,000		60,681				57,000		60,681
Lockheed Martin Corp.		4.50	%		5/15/2036		-		-		200,000		223,243				200,000		223,243
Lockheed Martin Corp.		6.15	%		9/1/2036		-		-		85,000		112,846				85,000		112,846
Northrop Grumman Corp.		3.85	%		4/15/2045		-		-		38,000		39,559				38,000		39,559
Northrop Grumman Systems Corp.		7.75	%		2/15/2031		-		-		40,000		59,834				40,000		59,834
Precision Castparts Corp.		3.25	%		6/15/2025		-		-		170,000		181,273				170,000		181,273
Precision Castparts Corp.		4.20	%		6/15/2035		-		-		170,000		191,592				170,000		191,592
Raytheon Co.		3.15	%		12/15/2024		-		-		84,000		91,034				84,000		91,034
United Technologies Corp.		1.78	%		5/4/2018		150,000		151,348		-		-				150,000		151,348
United Technologies Corp.		1.80	%		6/1/2017		-		-		27,000		27,207				27,000		27,207
United Technologies Corp.		3.10	%		6/1/2022		-		-		64,000		68,220				64,000		68,220
United Technologies Corp.		4.15	%		5/15/2045		-		-		163,000		179,035				163,000		179,035
United Technologies Corp.		4.50	%		6/1/2042		-		-		86,000		98,497				86,000		98,497
Air Freight & Logistics
FedEx Corp.		3.25	%		4/1/2026		-		-		60,000		62,762				60,000		62,762
FedEx Corp.		3.90	%		2/1/2035		-		-		96,000		97,589				96,000		97,589
FedEx Corp.		4.10	%		4/15/2043		-		-		70,000		71,128				70,000		71,128
United Parcel Service of America, Inc.		8.38	%		4/1/2020		-		-		35,000		43,860				35,000		43,860
United Parcel Service of America, Inc.		8.38	%		4/1/2030		-		-		55,000		82,322				55,000		82,322
United Parcel Service, Inc.		2.45	%		10/1/2022		-		-		29,000		30,150				29,000		30,150
Airlines
Air Canada Pass-Through Trust		4.13	%		11/15/2026		-		-		46,681		48,081				46,681		48,081
American Airlines Pass-Through Trust		3.65	%		12/15/2029		-		-		42,000		43,470				42,000		43,470
American Airlines Pass-Through Trust		4.95	%		7/15/2024		-		-		168,031		182,734				168,031		182,734
Continental Airlines Pass-Through Trust		4.00	%		4/29/2026		-		-		27,907		29,302				27,907		29,302
Continental Airlines Pass-Through Trust		5.98	%		10/19/2023		-		-		38,618		43,252				38,618		43,252
Delta Air Lines Pass-Through Trust		4.75	%		11/7/2021		-		-		78,347		83,048				78,347		83,048
Delta Air Lines Pass-Through Trust		5.30	%		10/15/2020		-		-		14,503		15,446				14,503		15,446
Southwest Airlines Co.		2.65	%		11/5/2020		310,000		319,969		-		-				310,000		319,969
Southwest Airlines Co.		2.75	%		11/6/2019		163,000		168,506		-		-				163,000		168,506
United Airlines Pass-Through Trust		3.45	%		1/7/2030		-		-		139,000		142,475				139,000		142,475
Auto Components
Johnson Controls, Inc.		1.40	%		11/2/2017		104,000		104,325		-		-				104,000		104,325
Johnson Controls, Inc.		3.75	%		12/1/2021		-		-		66,000		70,399				66,000		70,399
Johnson Controls, Inc.		4.95	%		7/2/2064		-		-		20,000		19,938				20,000		19,938
Johnson Controls, Inc.		5.25	%		12/1/2041		-		-		100,000		111,532				100,000		111,532

10

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
Automobiles
Daimler Finance North America LLC		1.50	%		7/5/2019	$	155,000	$	154,892	$	-	$	-			$	155,000	$	154,892
Daimler Finance North America LLC		1.65	%		3/2/2018		-		-		-		-				-		-
Daimler Finance North America LLC		2.38	%		8/1/2018		-		-		151,000		154,353				151,000		154,353
Daimler Finance North America LLC		2.63	%		9/15/2016		-		-		150,000		150,493				150,000		150,493
Daimler Finance North America LLC		2.95	%		1/11/2017		-		-		150,000		151,475				150,000		151,475
General Motors Co.		4.88	%		10/2/2023		-		-		100,000		106,454				100,000		106,454
General Motors Co.		6.60	%		4/1/2036		-		-		190,000		217,874				190,000		217,874
General Motors Financial Co., Inc.		2.40	%		5/9/2019		165,000		165,460		-		-				165,000		165,460
General Motors Financial Co., Inc.		3.20	%		7/13/2020		-		-		305,000		308,987				305,000		308,987
General Motors Financial Co., Inc.		3.20	%		7/6/2021		-		-		120,000		120,191				120,000		120,191
General Motors Financial Co., Inc.		3.70	%		5/9/2023		-		-		184,000		184,956				184,000		184,956
Hyundai Capital America		1.88	%		8/9/2016		375,000		375,195		-		-				375,000		375,195
Hyundai Capital America		2.40	%		10/30/2018		-		-		129,000		130,802				129,000		130,802
Hyundai Capital America		3.00	%		3/18/2021		-		-		200,000		207,167				200,000		207,167
Nissan Motor Acceptance Corp.		1.80	%		3/15/2018		-		-		97,000		97,805				97,000		97,805
Nissan Motor Acceptance Corp.		2.55	%		3/8/2021		-		-		150,000		154,908				150,000		154,908
Banks
ABN AMRO Bank NV		1.80	%		6/4/2018		-		-		319,000		321,359				319,000		321,359
ABN AMRO Bank NV		2.45	%		6/4/2020		210,000		214,742		-		-				210,000		214,742
ABN AMRO Bank NV		2.50	%		10/30/2018		-		-		200,000		204,642				200,000		204,642
ANZ New Zealand International, Ltd.		2.60	%		9/23/2019		-		-		200,000		204,642				200,000		204,642
Australia & New Zealand Banking Group, Ltd.		2.40	%		11/23/2016		-		-		250,000		251,445				250,000		251,445
Australia & New Zealand Banking Group, Ltd.		4.88	%		1/12/2021		-		-		100,000		112,820				100,000		112,820
Bank of America Corp.		1.95	%		5/12/2018		228,000		229,341		-		-				228,000		229,341
Bank of America Corp.		2.00	%		1/11/2018		-		-		750,000		754,795				750,000		754,795
Bank of America Corp.		2.25	%		4/21/2020		-		-		545,000		548,047				545,000		548,047
Bank of America Corp.		2.60	%		1/15/2019		405,000		414,424		-		-				405,000		414,424
Bank of America Corp.		2.65	%		4/1/2019		-		-		255,000		261,241				255,000		261,241
Bank of America Corp.		3.30	%		1/11/2023		-		-		479,000		492,961				479,000		492,961
Bank of America Corp.		3.50	%		4/19/2026		-		-		142,000		146,741				142,000		146,741
Bank of America Corp.		3.75	%		7/12/2016		310,000		310,149		-		-				310,000		310,149
Bank of America Corp.		3.88	%		8/1/2025		-		-		242,000		256,716				242,000		256,716
Bank of America Corp.		3.95	%		4/21/2025		-		-		368,000		374,751				368,000		374,751
Bank of America Corp.		4.00	%		4/1/2024		-		-		365,000		389,562				365,000		389,562
Bank of America Corp.		4.00	%		1/22/2025		-		-		400,000		407,724				400,000		407,724
Bank of America Corp.		4.13	%		1/22/2024		-		-		126,000		135,523				126,000		135,523
Bank of America Corp.		4.25	%		10/22/2026		-		-		284,000		294,533				284,000		294,533
Bank of America Corp.		5.00	%		5/13/2021		-		-		340,000		380,691				340,000		380,691
Bank of America Corp.		5.63	%		7/1/2020		-		-		170,000		191,257				170,000		191,257
Bank of America Corp.		5.65	%		5/1/2018		-		-		20,000		21,433				20,000		21,433
Bank of America Corp.		5.75	%		12/1/2017		-		-		65,000		68,799				65,000		68,799
Bank of America Corp.		5.88	%		1/5/2021		-		-		70,000		80,302				70,000		80,302
Bank of America Corp.		6.40	%		8/28/2017		-		-		395,000		416,790				395,000		416,790
Bank of America Corp.		6.88	%		4/25/2018		-		-		60,000		65,505				60,000		65,505
Bank of America Corp.		7.63	%		6/1/2019		-		-		50,000		57,871				50,000		57,871
Bank of Montreal		1.30	%		7/14/2017		240,000		240,639		-		-				240,000		240,639
Bank of Montreal		1.40	%		4/10/2018		-		-		100,000		100,442				100,000		100,442
Bank of Montreal		1.40	%		9/11/2017		-		-		131,000		131,664				131,000		131,664
Bank of Montreal		1.80	%		7/31/2018		170,000		172,088		-		-				170,000		172,088
Bank of Montreal		2.38	%		1/25/2019		-		-		158,000		162,202				158,000		162,202
Bank of Montreal		2.55	%		11/6/2022		-		-		85,000		87,872				85,000		87,872
Bank of Nova Scotia		1.30	%		7/21/2017		438,000		438,796		-		-				438,000		438,796
Bank of Nova Scotia		1.45	%		4/25/2018		-		-		300,000		301,068				300,000		301,068
Bank of Nova Scotia		1.85	%		4/14/2020		-		-		300,000		303,975				300,000		303,975
Bank of Tokyo-Mitsubishi UFJ, Ltd.		1.55	%		9/9/2016		246,000		246,267		-		-				246,000		246,267
Bank of Tokyo-Mitsubishi UFJ, Ltd.		1.70	%		3/5/2018		200,000		201,026		-		-				200,000		201,026
Bank of Tokyo-Mitsubishi UFJ, Ltd.		2.35	%		9/8/2019		-		-		260,000		265,893				260,000		265,893
Banque Federative du Credit Mutuel SA		1.70	%		1/20/2017		200,000		200,513		200,000		200,513				400,000		401,026
Barclays Bank PLC		2.25	%		5/10/2017		-		-		200,000		202,034				200,000		202,034
Barclays Bank PLC		5.00	%		9/22/2016		160,000		161,356		-		-				160,000		161,356
Barclays PLC		2.75	%		11/8/2019		-		-		200,000		198,589				200,000		198,589
Barclays PLC		3.25	%		1/12/2021		-		-		278,000		277,026				278,000		277,026

11

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
Barclays PLC		3.65	%		3/16/2025	$	-	$	-	$	200,000	$	192,314			$	200,000	$	192,314
Barclays PLC		5.25	%		8/17/2045		-		-		200,000		209,167				200,000		209,167
BB&T Corp.		1.60	%		8/15/2017		310,000		311,676		131,000		131,708				441,000		443,384
BB&T Corp.		2.63	%		6/29/2020		-		-		300,000		309,895				300,000		309,895
BB&T Corp.		5.25	%		11/1/2019		-		-		30,000		33,242				30,000		33,242
BB&T Corp.		6.85	%		4/30/2019		-		-		75,000		86,076				75,000		86,076
BNP Paribas SA		4.38	%		9/28/2025		-		-		335,000		339,703				335,000		339,703
BNZ International Funding, Ltd.		2.35	%		3/4/2019		-		-		250,000		253,855				250,000		253,855
BPCE SA		1.63	%		2/10/2017		250,000		250,548		-		-				250,000		250,548
BPCE SA		1.63	%		1/26/2018		-		-		350,000		351,310				350,000		351,310
Canadian Imperial Bank of Commerce		2.25	%		7/21/2020		-		-		234,000		239,831				234,000		239,831
Citigroup, Inc.		1.75	%		5/1/2018		-		-		160,000		160,703				160,000		160,703
Citigroup, Inc.		1.85	%		11/24/2017		131,000		131,722		-		-				131,000		131,722
Citigroup, Inc.		2.05	%		12/7/2018		350,000		352,781		-		-				350,000		352,781
Citigroup, Inc.		2.15	%		7/30/2018		-		-		110,000		111,341				110,000		111,341
Citigroup, Inc.		2.40	%		2/18/2020		-		-		220,000		222,252				220,000		222,252
Citigroup, Inc.		2.50	%		9/26/2018		-		-		220,000		224,360				220,000		224,360
Citigroup, Inc.		2.70	%		3/30/2021		-		-		108,000		109,922				108,000		109,922
Citigroup, Inc.		3.40	%		5/1/2026		-		-		150,000		153,802				150,000		153,802
Citigroup, Inc.		3.70	%		1/12/2026		-		-		400,000		421,075				400,000		421,075
Citigroup, Inc.		3.88	%		3/26/2025		-		-		100,000		101,011				100,000		101,011
Citigroup, Inc.		4.30	%		11/20/2026		-		-		300,000		309,078				300,000		309,078
Citigroup, Inc.		4.40	%		6/10/2025		-		-		98,000		102,470				98,000		102,470
Citigroup, Inc.		4.75	%		5/18/2046		-		-		140,000		140,491				140,000		140,491
Citigroup, Inc.		5.30	%		5/6/2044		-		-		43,000		46,429				43,000		46,429
Citigroup, Inc.		5.50	%		9/13/2025		-		-		115,000		128,908				115,000		128,908
Citigroup, Inc.		5.88	%		1/30/2042		-		-		45,000		56,961				45,000		56,961
Citigroup, Inc.		8.13	%		7/15/2039		-		-		28,000		43,670				28,000		43,670
Citizens Bank NA		1.60	%		12/4/2017		250,000		250,105		-		-				250,000		250,105
Citizens Financial Group, Inc.		4.30	%		12/3/2025		-		-		58,000		61,048				58,000		61,048
Comerica, Inc.		2.13	%		5/23/2019		195,000		197,596		-		-				195,000		197,596
Comerica, Inc.		3.80	%		7/22/2026		-		-		26,000		26,454				26,000		26,454
Commonwealth Bank of Australia		1.40	%		9/8/2017		250,000		250,877		-		-				250,000		250,877
Commonwealth Bank of Australia		2.25	%		3/16/2017		-		-		250,000		252,316				250,000		252,316
Commonwealth Bank of Australia		4.50	%		12/9/2025		-		-		200,000		209,198				200,000		209,198
Compass Bank		1.85	%		9/29/2017		316,000		315,075		-		-				316,000		315,075
Cooperatieve Rabobank UA		3.38	%		1/19/2017		-		-		34,000		34,440				34,000		34,440
Cooperatieve Rabobank UA		3.88	%		2/8/2022		-		-		268,000		291,155				268,000		291,155
Cooperatieve Rabobank UA		4.38	%		8/4/2025		-		-		250,000		261,132				250,000		261,132
Credit Agricole SA		4.38	%		3/17/2025		-		-		200,000		202,097				200,000		202,097
Discover Bank		2.60	%		11/13/2018		100,000		101,504		-		-				100,000		101,504
Discover Bank		3.20	%		8/9/2021		-		-		250,000		254,347				250,000		254,347
Fifth Third Bancorp		2.88	%		7/27/2020		-		-		206,000		214,685				206,000		214,685
Fifth Third Bank		2.15	%		8/20/2018		350,000		355,467		-		-				350,000		355,467
Fifth Third Bank		2.88	%		10/1/2021		-		-		204,000		210,709				204,000		210,709
HSBC Bank PLC		4.75	%		1/19/2021		-		-		375,000		413,415				375,000		413,415
HSBC Bank USA NA		4.88	%		8/24/2020		-		-		250,000		271,599				250,000		271,599
HSBC Holdings PLC		3.60	%		5/25/2023		-		-		229,000		234,031				229,000		234,031
HSBC Holdings PLC		4.00	%		3/30/2022		-		-		107,000		112,473				107,000		112,473
HSBC Holdings PLC		4.30	%		3/8/2026		-		-		200,000		211,515				200,000		211,515
HSBC Holdings PLC		4.88	%		1/14/2022		-		-		160,000		175,570				160,000		175,570
HSBC Holdings PLC		6.10	%		1/14/2042		-		-		150,000		194,029				150,000		194,029
HSBC USA, Inc.		1.63	%		1/16/2018		-		-		100,000		99,822				100,000		99,822
HSBC USA, Inc.		2.35	%		3/5/2020		-		-		323,000		322,893				323,000		322,893
Huntington Bancshares, Inc.		3.15	%		3/14/2021		100,000		103,592		-		-				100,000		103,592
Huntington National Bank		1.35	%		8/2/2016		250,000		250,014		-		-				250,000		250,014
Huntington National Bank		2.00	%		6/30/2018		-		-		250,000		252,482				250,000		252,482
Huntington National Bank		2.20	%		11/6/2018		250,000		253,060		-		-				250,000		253,060
Industrial & Commercial Bank of China, Ltd.		2.35	%		11/13/2017		-		-		250,000		252,265				250,000		252,265
ING Bank NV		2.05	%		8/17/2018		250,000		253,477		-		-				250,000		253,477
ING Bank NV		2.50	%		10/1/2019		-		-		250,000		255,086				250,000		255,086
ING Bank NV		2.70	%		8/17/2020		300,000		309,480		-		-				300,000		309,480
ING Bank NV		3.75	%		3/7/2017		-		-		200,000		203,454				200,000		203,454

12

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
JPMorgan Chase & Co.		1.70	%		3/1/2018	$	473,000	$	475,619	$	-	$	-			$	473,000	$	475,619
JPMorgan Chase & Co.		2.55	%		3/1/2021		180,000		182,949		-		-				180,000		182,949
KeyBank NA		2.35	%		3/8/2019		250,000		255,354		-		-				250,000		255,354
KeyCorp		2.30	%		12/13/2018		184,000		186,999		-		-				184,000		186,999
KeyCorp		2.90	%		9/15/2020		-		-		98,000		101,360				98,000		101,360
KeyCorp		5.10	%		3/24/2021		-		-		100,000		112,492				100,000		112,492
Lloyds Bank PLC		1.75	%		3/16/2018		-		-		325,000		324,155				325,000		324,155
Lloyds Bank PLC		1.75	%		5/14/2018		220,000		219,381		-		-				220,000		219,381
Lloyds Bank PLC		2.00	%		8/17/2018		250,000		249,720		-		-				250,000		249,720
Lloyds Bank PLC		3.50	%		5/14/2025		-		-		200,000		205,503				200,000		205,503
Macquarie Bank, Ltd.		1.60	%		10/27/2017		400,000		400,427		305,000		305,325				705,000		705,752
Macquarie Bank, Ltd.		2.40	%		1/21/2020		-		-		150,000		151,435				150,000		151,435
Macquarie Bank, Ltd.		2.60	%		6/24/2019		-		-		187,000		190,730				187,000		190,730
Manufacturers & Traders Trust Co.		1.40	%		7/25/2017		337,000		337,352		-		-				337,000		337,352
Mitsubishi UFJ Trust & Banking Corp.		1.60	%		10/16/2017		207,000		207,717		-		-				207,000		207,717
Mizuho Bank, Ltd.		1.30	%		4/16/2017		200,000		199,967		-		-				200,000		199,967
Mizuho Bank, Ltd.		1.80	%		3/26/2018		-		-		242,000		243,451				242,000		243,451
Mizuho Bank, Ltd.		3.60	%		9/25/2024		-		-		300,000		322,279				300,000		322,279
National Australia Bank, Ltd.		2.00	%		6/20/2017		-		-		250,000		252,203				250,000		252,203
Nordea Bank AB		1.63	%		5/15/2018		-		-		350,000		352,150				350,000		352,150
Nordea Bank AB		3.13	%		3/20/2017		-		-		350,000		355,085				350,000		355,085
PNC Financial Services Group, Inc.		2.85	%		11/9/2022		-		-		101,000		104,722				101,000		104,722
PNC Financial Services Group, Inc.		3.90	%		4/29/2024		-		-		91,000		97,629				91,000		97,629
PNC Funding Corp.		4.38	%		8/11/2020		-		-		67,000		73,385				67,000		73,385
PNC Funding Corp.		5.13	%		2/8/2020		-		-		65,000		72,722				65,000		72,722
PNC Funding Corp.		5.63	%		2/1/2017		230,000		235,681		25,000		25,618				255,000		261,299
PNC Funding Corp.		6.70	%		6/10/2019		-		-		50,000		57,331				50,000		57,331
Regions Bank		2.25	%		9/14/2018		290,000		291,931		-		-				290,000		291,931
Regions Financial Corp.		2.00	%		5/15/2018		202,000		202,353		-		-				202,000		202,353
Regions Financial Corp.		3.20	%		2/8/2021		-		-		107,000		110,135				107,000		110,135
Royal Bank of Canada		1.50	%		1/16/2018		280,000		281,158		-		-				280,000		281,158
Royal Bank of Canada		1.80	%		7/30/2018		230,000		232,504		-		-				230,000		232,504
Royal Bank of Canada		1.88	%		2/5/2020		-		-		600,000		607,875				600,000		607,875
Royal Bank of Canada		2.00	%		10/1/2018		-		-		159,000		161,211				159,000		161,211
Royal Bank of Canada		2.20	%		7/27/2018		-		-		300,000		305,892				300,000		305,892
Royal Bank of Scotland Group PLC		4.80	%		4/5/2026		-		-		200,000		203,414				200,000		203,414
Santander Holdings USA, Inc.		2.70	%		5/24/2019		250,000		251,203		-		-				250,000		251,203
Santander Issuances SAU		5.18	%		11/19/2025		-		-		200,000		199,807				200,000		199,807
Santander UK Group Holdings PLC		2.88	%		10/16/2020		-		-		150,000		148,841				150,000		148,841
Santander UK PLC		1.65	%		9/29/2017		323,000		322,933		-		-				323,000		322,933
Santander UK PLC		2.50	%		3/14/2019		140,000		141,428		93,000		93,949				233,000		235,377
Stadshypotek AB		1.88	%		10/2/2019		-		-		250,000		253,672				250,000		253,672
Standard Chartered PLC		3.05	%		1/15/2021		-		-		200,000		202,644				200,000		202,644
Standard Chartered PLC		5.20	%		1/26/2024		-		-		200,000		208,319				200,000		208,319
Sumitomo Mitsui Banking Corp.		1.35	%		7/11/2017		250,000		250,012		-		-				250,000		250,012
Sumitomo Mitsui Financial Group, Inc.		2.93	%		3/9/2021		120,000		125,073		-		-				120,000		125,073
Sumitomo Mitsui Financial Group, Inc.		3.78	%		3/9/2026		-		-		107,000		116,521				107,000		116,521
SunTrust Banks, Inc.		2.50	%		5/1/2019		130,000		132,706		-		-				130,000		132,706
SunTrust Banks, Inc.		2.90	%		3/3/2021		-		-		59,000		61,087				59,000		61,087
SunTrust Banks, Inc.		3.50	%		1/20/2017		168,000		169,871		-		-				168,000		169,871
Toronto-Dominion Bank		1.13	%		5/2/2017		350,000		350,294		-		-				350,000		350,294
Toronto-Dominion Bank		1.50	%		3/13/2017		-		-		200,000		200,797				200,000		200,797
Toronto-Dominion Bank		2.25	%		11/5/2019		175,000		179,582		104,000		106,723				279,000		286,305
Toronto-Dominion Bank		2.50	%		12/14/2020		-		-		150,000		155,153				150,000		155,153
US Bancorp		1.65	%		5/15/2017		-		-		96,000		96,460				96,000		96,460
US Bancorp		3.00	%		3/15/2022		-		-		83,000		88,279				83,000		88,279
US Bancorp		4.13	%		5/24/2021		-		-		34,000		37,865				34,000		37,865
US Bank NA		1.38	%		9/11/2017		250,000		251,257		-		-				250,000		251,257
US Bank NA		2.13	%		10/28/2019		-		-		250,000		256,258				250,000		256,258
US Bank NA		2.80	%		1/27/2025		-		-		250,000		260,334				250,000		260,334

13

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
Wachovia Corp.		5.75	%		2/1/2018	$	-	$	-	$	749,000	$	801,603			$	749,000	$	801,603
Wells Fargo & Co.		2.10	%		5/8/2017		496,000		500,262		-		-				496,000		500,262
Wells Fargo & Co.		3.00	%		2/19/2025		-		-		213,000		218,160				213,000		218,160
Wells Fargo & Co.		3.30	%		9/9/2024		-		-		700,000		734,178				700,000		734,178
Wells Fargo & Co.		3.50	%		3/8/2022		-		-		150,000		160,898				150,000		160,898
Wells Fargo & Co.		4.10	%		6/3/2026		-		-		258,000		275,960				258,000		275,960
Wells Fargo & Co.		4.60	%		4/1/2021		-		-		650,000		726,351				650,000		726,351
Wells Fargo & Co.		4.65	%		11/4/2044		-		-		184,000		194,057				184,000		194,057
Wells Fargo & Co.		4.90	%		11/17/2045		-		-		112,000		122,562				112,000		122,562
Wells Fargo Bank NA		6.00	%		11/15/2017		-		-		250,000		266,007				250,000		266,007
Westpac Banking Corp.		1.50	%		12/1/2017		175,000		175,857		-		-				175,000		175,857
Westpac Banking Corp.		2.00	%		3/3/2020		-		-		304,000		306,584				304,000		306,584
Westpac Banking Corp.		2.45	%		11/28/2016		-		-		250,000		251,541				250,000		251,541
Beverages
Anheuser-Busch InBev Finance, Inc.		1.90	%		2/1/2019		280,000		284,754		30,000		30,509				310,000		315,263
Anheuser-Busch InBev Finance, Inc.		3.30	%		2/1/2023		-		-		776,000		817,648				776,000		817,648
Anheuser-Busch InBev Finance, Inc.		3.70	%		2/1/2024		-		-		160,000		172,336				160,000		172,336
Anheuser-Busch InBev Finance, Inc.		4.70	%		2/1/2036		-		-		727,000		816,950				727,000		816,950
Brown-Forman Corp.		4.50	%		7/15/2045		-		-		75,000		85,712				75,000		85,712
Diageo Capital PLC		1.50	%		5/11/2017		-		-		38,000		38,160				38,000		38,160
Diageo Capital PLC		4.83	%		7/15/2020		-		-		25,000		28,123				25,000		28,123
Diageo Investment Corp.		8.00	%		9/15/2022		-		-		100,000		132,266				100,000		132,266
Heineken NV		1.40	%		10/1/2017		-		-		40,000		40,185				40,000		40,185
Molson Coors Brewing Co.		1.45	%		7/15/2019		155,000		155,392		-		-				155,000		155,392
Molson Coors Brewing Co.		3.00	%		7/15/2026		-		-		105,000		104,897				105,000		104,897
PepsiCo, Inc.		1.25	%		8/13/2017		-		-		180,000		180,827				180,000		180,827
PepsiCo, Inc.		1.25	%		4/30/2018		140,000		140,748		-		-				140,000		140,748
PepsiCo, Inc.		1.50	%		2/22/2019		90,000		91,264		-		-				90,000		91,264
PepsiCo, Inc.		3.10	%		7/17/2022		-		-		20,000		21,293				20,000		21,293
PepsiCo, Inc.		4.60	%		7/17/2045		-		-		78,000		92,556				78,000		92,556
PepsiCo, Inc.		4.88	%		11/1/2040		-		-		33,000		39,327				33,000		39,327
PepsiCo, Inc.		7.90	%		11/1/2018		-		-		5,000		5,783				5,000		5,783
SABMiller Holdings, Inc.		3.75	%		1/15/2022		-		-		270,000		289,505				270,000		289,505
Biotechnology
AbbVie, Inc.		1.75	%		11/6/2017		174,000		175,028		134,000		134,791				308,000		309,819
AbbVie, Inc.		1.80	%		5/14/2018		210,000		211,474		-		-				210,000		211,474
AbbVie, Inc.		2.85	%		5/14/2023		-		-		189,000		191,569				189,000		191,569
AbbVie, Inc.		2.90	%		11/6/2022		-		-		187,000		190,669				187,000		190,669
AbbVie, Inc.		3.20	%		11/6/2022		-		-		143,000		147,866				143,000		147,866
AbbVie, Inc.		4.30	%		5/14/2036		-		-		180,000		183,590				180,000		183,590
AbbVie, Inc.		4.50	%		5/14/2035		-		-		286,000		298,917				286,000		298,917
Amgen, Inc.		2.13	%		5/1/2020		-		-		12,000		12,190				12,000		12,190
Amgen, Inc.		3.63	%		5/22/2024		-		-		382,000		409,864				382,000		409,864
Amgen, Inc.		3.88	%		11/15/2021		-		-		100,000		109,036				100,000		109,036
Amgen, Inc.		4.66	%		6/15/2051		-		-		301,000		314,489				301,000		314,489
Amgen, Inc.		5.70	%		2/1/2019		-		-		50,000		55,398				50,000		55,398
Biogen, Inc.		3.63	%		9/15/2022		-		-		122,000		129,504				122,000		129,504
Biogen, Inc.		5.20	%		9/15/2045		-		-		67,000		75,344				67,000		75,344
Celgene Corp.		2.13	%		8/15/2018		170,000		172,541		-		-				170,000		172,541
Celgene Corp.		3.25	%		8/15/2022		-		-		317,000		327,413				317,000		327,413
Celgene Corp.		3.63	%		5/15/2024		-		-		164,000		170,798				164,000		170,798
Celgene Corp.		5.00	%		8/15/2045		-		-		114,000		125,553				114,000		125,553
Gilead Sciences, Inc.		1.85	%		9/4/2018		60,000		61,064		-		-				60,000		61,064
Gilead Sciences, Inc.		2.35	%		2/1/2020		184,000		188,749		-		-				184,000		188,749
Gilead Sciences, Inc.		3.25	%		9/1/2022		-		-		84,000		89,451				84,000		89,451
Gilead Sciences, Inc.		3.65	%		3/1/2026		-		-		72,000		78,349				72,000		78,349
Gilead Sciences, Inc.		4.60	%		9/1/2035		-		-		65,000		72,273				65,000		72,273

14

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP					Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value			Principal	Value	Principal		Value
Capital Markets
Ameriprise Financial, Inc.		4.00	%		10/15/2023	$	-	$	-	$	200,000	$	216,485				$	200,000	$	216,485
Bank of New York Mellon Corp.		2.20	%		3/4/2019		-		-		75,000		76,539					75,000		76,539
Bank of New York Mellon Corp.		2.60	%		8/17/2020		-		-		194,000		201,187					194,000		201,187
Bank of New York Mellon Corp.		3.25	%		9/11/2024		-		-		150,000		159,657					150,000		159,657
Bank of New York Mellon Corp.		3.55	%		9/23/2021		-		-		90,000		97,442					90,000		97,442
Bank of New York Mellon Corp.		3.65	%		2/4/2024		-		-		167,000		182,654					167,000		182,654
Bank of New York Mellon Corp.		4.60	%		1/15/2020		-		-		30,000		33,117					30,000		33,117
BlackRock, Inc.		3.38	%		6/1/2022		-		-		65,000		70,621					65,000		70,621
BlackRock, Inc.		3.50	%		3/18/2024		-		-		55,000		59,667					55,000		59,667
BlackRock, Inc.		6.25	%		9/15/2017		-		-		100,000		106,344					100,000		106,344
Charles Schwab Corp.		1.50	%		3/10/2018		240,000		242,255		-		-					240,000		242,255
Charles Schwab Corp.		3.23	%		9/1/2022		-		-		20,000		21,292					20,000		21,292
Credit Suisse AG		1.38	%		5/26/2017		256,000		256,209		-		-	��				256,000		256,209
Credit Suisse AG		1.70	%		4/27/2018		230,000		230,246		-		-					230,000		230,246
Credit Suisse AG		1.75	%		1/29/2018		-		-		250,000		250,208					250,000		250,208
Credit Suisse AG		2.30	%		5/28/2019		-		-		250,000		253,347					250,000		253,347
Credit Suisse Group Funding Guernsey, Ltd.		3.80	%		6/9/2023		-		-		250,000		249,358					250,000		249,358
Credit Suisse Group Funding Guernsey, Ltd.		4.88	%		5/15/2045		-		-		250,000		248,953					250,000		248,953
Deutsche Bank AG		1.88	%		2/13/2018		-		-		122,000		121,236					122,000		121,236
Deutsche Bank AG		3.70	%		5/30/2024		-		-		267,000		265,412					267,000		265,412
Deutsche Bank AG		6.00	%		9/1/2017		-		-		170,000		177,371					170,000		177,371
Goldman Sachs Group, Inc.		2.38	%		1/22/2018		498,000		504,693		-		-					498,000		504,693
Goldman Sachs Group, Inc.		2.60	%		4/23/2020		-		-		281,000		285,677					281,000		285,677
Goldman Sachs Group, Inc.		2.63	%		4/25/2021		-		-		45,000		45,636					45,000		45,636
Goldman Sachs Group, Inc.		2.63	%		1/31/2019		-		-		231,000		236,421					231,000		236,421
Goldman Sachs Group, Inc.		2.75	%		9/15/2020		-		-		55,000		56,141					55,000		56,141
Goldman Sachs Group, Inc.		3.50	%		1/23/2025		-		-		125,000		128,439					125,000		128,439
Goldman Sachs Group, Inc.		3.63	%		1/22/2023		-		-		275,000		288,463					275,000		288,463
Goldman Sachs Group, Inc.		3.75	%		2/25/2026		-		-		42,000		44,205					42,000		44,205
Goldman Sachs Group, Inc.		3.75	%		5/22/2025		-		-		114,000		119,058					114,000		119,058
Goldman Sachs Group, Inc.		3.85	%		7/8/2024		-		-		289,000		306,430					289,000		306,430
Goldman Sachs Group, Inc.		4.00	%		3/3/2024		-		-		320,000		342,102					320,000		342,102
Goldman Sachs Group, Inc.		4.25	%		10/21/2025		-		-		100,000		103,369					100,000		103,369
Goldman Sachs Group, Inc.		5.15	%		5/22/2045		-		-		48,000		50,077					48,000		50,077
Goldman Sachs Group, Inc.		5.25	%		7/27/2021		-		-		53,000		59,810					53,000		59,810
Goldman Sachs Group, Inc.		5.38	%		3/15/2020		-		-		365,000		405,996					365,000		405,996
Goldman Sachs Group, Inc.		5.75	%		1/24/2022		-		-		120,000		139,315					120,000		139,315
Goldman Sachs Group, Inc.		5.95	%		1/18/2018		-		-	��	155,000		165,120					155,000		165,120
Goldman Sachs Group, Inc.		6.00	%		6/15/2020		-		-		188,000		214,515					188,000		214,515
Goldman Sachs Group, Inc.		7.50	%		2/15/2019		-		-		460,000		526,061					460,000		526,061
Invesco Finance PLC		3.75	%		1/15/2026		-		-		94,000		100,904					94,000		100,904
Invesco Finance PLC		4.00	%		1/30/2024		-		-		71,000		77,678					71,000		77,678
Legg Mason, Inc.		3.95	%		7/15/2024		-		-		115,000		116,252					115,000		116,252
Legg Mason, Inc.		4.75	%		3/15/2026		-		-		60,000		63,270					60,000		63,270
Macquarie Group, Ltd.		6.00	%		1/14/2020		-		-		100,000		111,480					100,000		111,480
Macquarie Group, Ltd.		6.25	%		1/14/2021		-		-		175,000		200,011					175,000		200,011
Morgan Stanley		1.88	%		1/5/2018		190,000		191,075		-		-					190,000		191,075
Morgan Stanley		2.20	%		12/7/2018		20,000		20,263		-		-					20,000		20,263
Morgan Stanley		2.45	%		2/1/2019		250,000		254,694		-		-					250,000		254,694
Morgan Stanley		2.65	%		1/27/2020		-		-		250,000		254,122					250,000		254,122
Morgan Stanley		2.80	%		6/16/2020		-		-		189,000		193,651					189,000		193,651
Morgan Stanley		3.70	%		10/23/2024		-		-		444,000		464,590					444,000		464,590
Morgan Stanley		3.75	%		2/25/2023		-		-		600,000		635,505					600,000		635,505
Morgan Stanley		3.95	%		4/23/2027		-		-		145,000		146,638					145,000		146,638
Morgan Stanley		4.00	%		7/23/2025		-		-		264,000		282,688					264,000		282,688
Morgan Stanley		4.10	%		5/22/2023		-		-		150,000		155,529					150,000		155,529
Morgan Stanley		4.30	%		1/27/2045		-		-		92,000		96,834					92,000		96,834
Morgan Stanley		4.35	%		9/8/2026		-		-		200,000		209,223					200,000		209,223
Morgan Stanley		5.00	%		11/24/2025		-		-		124,000		135,754					124,000		135,754
Morgan Stanley		5.45	%		1/9/2017		241,000		246,152		-		-					241,000		246,152
Morgan Stanley		5.50	%		7/24/2020		-		-		138,000		154,852					138,000		154,852
Morgan Stanley		5.50	%		7/28/2021		-		-		196,000		223,807					196,000		223,807
Morgan Stanley		5.63	%		9/23/2019		-		-		200,000		221,902					200,000		221,902
Morgan Stanley		5.75	%		1/25/2021		-		-		100,000		114,015					100,000		114,015
Morgan Stanley		7.30	%		5/13/2019		-		-		200,000		229,792					200,000		229,792
State Street Corp.		3.10	%		5/15/2023		-		-		48,000		49,657					48,000		49,657
State Street Corp.		3.55	%		8/18/2025		-		-		88,000		95,697					88,000		95,697
State Street Corp.		3.70	%		11/20/2023		-		-		231,000		254,357					231,000		254,357
TD Ameritrade Holding Corp.		2.95	%		4/1/2022		-		-		138,000		143,784					138,000		143,784
UBS AG		1.38	%		8/14/2017		250,000		250,211		-		-					250,000		250,211
UBS AG		1.80	%		3/26/2018		250,000		252,379		-		-					250,000		252,379
UBS Group Funding Jersey, Ltd.		2.95	%		9/24/2020		240,000		244,073		-		-					240,000		244,073
UBS Group Funding Jersey, Ltd.		4.13	%		4/15/2026		-		-		200,000		207,856					200,000		207,856
Chemicals
Agrium, Inc.		3.38	%		3/15/2025		-		-		108,000		109,858					108,000		109,858
Agrium, Inc.		4.13	%		3/15/2035		-		-		411,000		396,903					411,000		396,903
Agrium, Inc.		5.25	%		1/15/2045		-		-		152,000		163,045					152,000		163,045
CF Industries, Inc.		7.13	%		5/1/2020		-		-		250,000		288,449					250,000		288,449
Dow Chemical Co.		3.00	%		11/15/2022		-		-		130,000		133,562					130,000		133,562
Dow Chemical Co.		4.13	%		11/15/2021		-		-		50,000		54,854					50,000		54,854
Dow Chemical Co.		5.25	%		11/15/2041		-		-		45,000		49,983					45,000		49,983
E.I. du Pont de Nemours & Co.		4.90	%		1/15/2041		-		-		18,000		19,935					18,000		19,935
E.I. du Pont de Nemours & Co.		6.00	%		7/15/2018		-		-		150,000		164,333					150,000		164,333
Ecolab, Inc.		1.45	%		12/8/2017		-		-		56,000		56,098					56,000		56,098
Ecolab, Inc.		2.25	%		1/12/2020		-		-		333,000		338,985					333,000		338,985
Monsanto Co.		1.15	%		6/30/2017		344,000		343,735		-		-					344,000		343,735
Monsanto Co.		4.70	%		7/15/2064		-		-		27,000		24,594					27,000		24,594
Mosaic Co.		3.75	%		11/15/2021		-		-		31,000		32,923					31,000		32,923
Mosaic Co.		4.25	%		11/15/2023		-		-		242,000		260,648					242,000		260,648
Mosaic Co.		4.88	%		11/15/2041		-		-		8,000		8,071					8,000		8,071
Mosaic Co.		5.45	%		11/15/2033		-		-		91,000		100,640					91,000		100,640
Mosaic Co.		5.63	%		11/15/2043		-		-		222,000		246,225					222,000		246,225
Potash Corp. of Saskatchewan, Inc.		3.00	%		4/1/2025		-		-		220,000		222,932					220,000		222,932
PPG Industries, Inc.		2.30	%		11/15/2019		171,000		172,427		-		-					171,000		172,427
PPG Industries, Inc.		6.65	%		3/15/2018		-		-		21,000		22,722					21,000		22,722
Praxair, Inc.		2.65	%		2/5/2025		-		-		59,000		61,087					59,000		61,087
Union Carbide Corp.		7.50	%		6/1/2025		-		-		175,000		219,127					175,000		219,127
Valspar Corp.		6.05	%		5/1/2017		118,000		121,923		-		-					118,000		121,923

15

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
Commercial Services & Supplies
ERAC USA Finance LLC		4.50	%		8/16/2021	$	-	$	-	$	36,000	$	39,871			$	36,000	$	39,871
ERAC USA Finance LLC		5.25	%		10/1/2020		-		-		48,000		53,883				48,000		53,883
ERAC USA Finance LLC		5.63	%		3/15/2042		-		-		59,000		71,534				59,000		71,534
ERAC USA Finance LLC		6.70	%		6/1/2034		-		-		152,000		201,385				152,000		201,385
MUFG Americas Holdings Corp.		2.25	%		2/10/2020		-		-		65,000		65,469				65,000		65,469
Republic Services, Inc.		2.90	%		7/1/2026		-		-		49,000		49,694				49,000		49,694
Republic Services, Inc.		3.55	%		6/1/2022		-		-		54,000		58,314				54,000		58,314
Tyco International Finance SA		5.13	%		9/14/2045		-		-		46,000		52,744				46,000		52,744
Waste Management, Inc.		2.40	%		5/15/2023		-		-		80,000		81,154				80,000		81,154
Waste Management, Inc.		2.60	%		9/1/2016		144,000		144,328		-		-				144,000		144,328
Waste Management, Inc.		3.13	%		3/1/2025		-		-		77,000		80,511				77,000		80,511
Waste Management, Inc.		3.90	%		3/1/2035		-		-		28,000		29,341				28,000		29,341
Communications Equipment
Cisco Systems, Inc.		1.65	%		6/15/2018		200,000		202,600		-		-				200,000		202,600
Cisco Systems, Inc.		2.90	%		3/4/2021		-		-		110,000		116,827				110,000		116,827
Cisco Systems, Inc.		3.00	%		6/15/2022		-		-		111,000		119,307				111,000		119,307
Cisco Systems, Inc.		3.63	%		3/4/2024		-		-		450,000		504,412				450,000		504,412
Cisco Systems, Inc.		5.90	%		2/15/2039		-		-		70,000		95,022				70,000		95,022
Construction & Engineering
ABB Finance USA, Inc.		1.63	%		5/8/2017		-		-		28,000		28,119				28,000		28,119
ABB Finance USA, Inc.		2.88	%		5/8/2022		-		-		29,000		30,213				29,000		30,213
ABB Finance USA, Inc.		4.38	%		5/8/2042		-		-		17,000		19,337				17,000		19,337
Fluor Corp.		3.38	%		9/15/2021		-		-		190,000		202,041				190,000		202,041
Consumer Finance
American Express Co.		3.63	%		12/5/2024		-		-		104,000		106,664				104,000		106,664
American Express Co.		7.00	%		3/19/2018		-		-		50,000		54,617				50,000		54,617
American Express Credit Corp.		1.55	%		9/22/2017		97,000		97,430		-		-				97,000		97,430
American Express Credit Corp.		1.80	%		7/31/2018		230,000		232,039		130,000		131,152				360,000		363,191
American Express Credit Corp.		1.88	%		11/5/2018		-		-		111,000		112,181				111,000		112,181
American Express Credit Corp.		2.25	%		5/5/2021		-		-		247,000		251,382				247,000		251,382
American Express Credit Corp.		2.38	%		5/26/2020		-		-		290,000		296,711				290,000		296,711
Capital One Bank USA NA		3.38	%		2/15/2023		-		-		300,000		306,420				300,000		306,420
Capital One Financial Corp.		3.50	%		6/15/2023		-		-		121,000		124,857				121,000		124,857
Capital One Financial Corp.		3.75	%		4/24/2024		-		-		100,000		104,329				100,000		104,329
Capital One Financial Corp.		4.20	%		10/29/2025		-		-		315,000		323,833				315,000		323,833
Capital One NA		2.35	%		8/17/2018		250,000		253,493		-		-				250,000		253,493
Ford Motor Credit Co. LLC		1.68	%		9/8/2017		219,000		219,482		236,000		236,520				455,000		456,002
Ford Motor Credit Co. LLC		2.24	%		6/15/2018		-		-		200,000		202,016				200,000		202,016
Ford Motor Credit Co. LLC		2.38	%		3/12/2019		-		-		400,000		405,610				400,000		405,610
Ford Motor Credit Co. LLC		2.60	%		11/4/2019		-		-		250,000		255,770				250,000		255,770
Ford Motor Credit Co. LLC		3.00	%		6/12/2017		-		-		400,000		406,093				400,000		406,093
Ford Motor Credit Co. LLC		3.16	%		8/4/2020		350,000		362,885		-		-				350,000		362,885
Ford Motor Credit Co. LLC		3.34	%		3/18/2021		-		-		200,000		207,425				200,000		207,425
Ford Motor Credit Co. LLC		4.13	%		8/4/2025		-		-		200,000		214,430				200,000		214,430
John Deere Capital Corp.		1.20	%		10/10/2017		-		-		98,000		98,382				98,000		98,382
John Deere Capital Corp.		1.60	%		7/13/2018		-		-		43,000		43,433				43,000		43,433
John Deere Capital Corp.		2.45	%		9/11/2020		-		-		40,000		41,313				40,000		41,313
John Deere Capital Corp.		2.80	%		1/27/2023		-		-		73,000		76,292				73,000		76,292
John Deere Capital Corp.		3.15	%		10/15/2021		-		-		33,000		35,379				33,000		35,379
John Deere Capital Corp.		5.75	%		9/10/2018		-		-		200,000		220,440				200,000		220,440
PACCAR Financial Corp.		1.30	%		5/10/2019		-		-		93,000		93,371				93,000		93,371
PACCAR Financial Corp.		1.45	%		3/9/2018		130,000		130,991		-		-				130,000		130,991
PACCAR Financial Corp.		1.60	%		3/15/2017		-		-		53,000		53,322				53,000		53,322
PACCAR Financial Corp.		1.75	%		8/14/2018		150,000		152,299		-		-				150,000		152,299
Toyota Motor Credit Corp.		1.38	%		1/10/2018		-		-		100,000		100,701				100,000		100,701
Toyota Motor Credit Corp.		1.45	%		1/12/2018		154,000		155,123		103,000		103,751				257,000		258,874
Toyota Motor Credit Corp.		2.10	%		1/17/2019		-		-		105,000		107,423				105,000		107,423
Toyota Motor Credit Corp.		2.13	%		7/18/2019		-		-		225,000		231,017				225,000		231,017
Visa, Inc.		1.20	%		12/14/2017		390,000		392,422		-		-				390,000		392,422
Diversified Financial Services
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust		3.95	%		2/1/2022		-		-		150,000		150,000				150,000		150,000
AIG Global Funding		1.65	%		12/15/2017		-		-		97,000		97,423				97,000		97,423
American Honda Finance Corp.		1.20	%		7/14/2017		111,000		111,160		-		-				111,000		111,160
American Honda Finance Corp.		1.55	%		12/11/2017		-		-		144,000		145,193				144,000		145,193
American Honda Finance Corp.		1.60	%		2/16/2018		-		-		213,000		215,042				213,000		215,042
American Honda Finance Corp.		2.25	%		8/15/2019		250,000		258,137		67,000		69,181				317,000		327,318
American Honda Finance Corp.		2.60	%		9/20/2016		-		-		205,000		205,791				205,000		205,791
Berkshire Hathaway, Inc.		2.75	%		3/15/2023		-		-		146,000		150,852				146,000		150,852
Berkshire Hathaway, Inc.		3.40	%		1/31/2022		-		-		397,000		428,485				397,000		428,485
Berkshire Hathaway, Inc.		3.75	%		8/15/2021		-		-		134,000		147,856				134,000		147,856
Blackstone Holdings Finance Co. LLC		4.45	%		7/15/2045		-		-		44,000		44,406				44,000		44,406
Blackstone Holdings Finance Co. LLC		5.88	%		3/15/2021		-		-		170,000		199,199				170,000		199,199
CDP Financial, Inc.		4.40	%		11/25/2019		-		-		250,000		275,129				250,000		275,129
CME Group, Inc.		3.00	%		9/15/2022		-		-		125,000		132,689				125,000		132,689
CME Group, Inc.		3.00	%		3/15/2025		-		-		180,000		188,027				180,000		188,027
CME Group, Inc.		5.30	%		9/15/2043		-		-		32,000		40,884				32,000		40,884
Conoco Funding Co.		7.25	%		10/15/2031		-		-		25,000		31,841				25,000		31,841
GE Capital International Funding Co. Unlimited Co.		2.34	%		11/15/2020		-		-		299,000		308,018				299,000		308,018
GE Capital International Funding Co. Unlimited Co.		3.37	%		11/15/2025		-		-		819,000		888,803				819,000		888,803
GE Capital International Funding Co. Unlimited Co.		4.42	%		11/15/2035		-		-		206,000		231,047				206,000		231,047
Intercontinental Exchange, Inc.		2.50	%		10/15/2018		-		-		38,000		39,064				38,000		39,064
Intercontinental Exchange, Inc.		4.00	%		10/15/2023		-		-		88,000		95,507				88,000		95,507
Jefferies Group LLC		6.45	%		6/8/2027		-		-		75,000		83,313				75,000		83,313
Jefferies Group LLC		6.88	%		4/15/2021		-		-		180,000		204,424				180,000		204,424
Murray Street Investment Trust I		4.65	%		3/9/2017		204,000		208,582		100,000		102,246				304,000		310,828
National Rural Utilities Cooperative Finance Corp.		1.65	%		2/8/2019		130,000		131,538		-		-				130,000		131,538
Private Export Funding Corp.		3.55	%		1/15/2024		-		-		150,000		167,505				150,000		167,505
Protective Life Global Funding		2.70	%		11/25/2020		-		-		250,000		258,483				250,000		258,483
Voya Financial, Inc.		3.65	%		6/15/2026		-		-		95,000		95,448				95,000		95,448

16

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
Diversified Telecommunication Services
AT&T, Inc.		2.30	%		3/11/2019	$	330,000	$	337,023	$	-	$	-			$	330,000	$	337,023
AT&T, Inc.		3.00	%		2/15/2022		-		-		320,000		326,340				320,000		326,340
AT&T, Inc.		3.00	%		6/30/2022		-		-		344,000		352,281				344,000		352,281
AT&T, Inc.		3.40	%		5/15/2025		-		-		56,000		57,283				56,000		57,283
AT&T, Inc.		3.60	%		2/17/2023		-		-		270,000		281,658				270,000		281,658
AT&T, Inc.		3.80	%		3/15/2022		-		-		333,000		353,754				333,000		353,754
AT&T, Inc.		3.88	%		8/15/2021		-		-		100,000		107,733				100,000		107,733
AT&T, Inc.		3.95	%		1/15/2025		-		-		85,000		90,350				85,000		90,350
AT&T, Inc.		4.30	%		12/15/2042		-		-		373,000		361,144				373,000		361,144
AT&T, Inc.		4.35	%		6/15/2045		-		-		49,000		47,479				49,000		47,479
AT&T, Inc.		4.60	%		2/15/2021		-		-		125,000		136,786				125,000		136,786
AT&T, Inc.		4.75	%		5/15/2046		-		-		67,000		68,666				67,000		68,666
AT&T, Inc.		5.35	%		9/1/2040		-		-		203,000		222,060				203,000		222,060
AT&T, Inc.		5.50	%		2/1/2018		-		-		105,000		111,758				105,000		111,758
AT&T, Inc.		6.30	%		1/15/2038		-		-		50,000		60,121				50,000		60,121
AT&T, Inc.		6.38	%		3/1/2041		-		-		100,000		121,696				100,000		121,696
BellSouth Capital Funding Corp.		7.88	%		2/15/2030		-		-		100,000		128,807				100,000		128,807
BellSouth LLC		6.55	%		6/15/2034		-		-		350,000		410,236				350,000		410,236
BellSouth LLC		6.88	%		10/15/2031		-		-		150,000		179,042				150,000		179,042
British Telecommunications PLC		5.95	%		1/15/2018		151,000		161,612		-		-				151,000		161,612
British Telecommunications PLC		9.38	%		12/15/2030		-		-		150,000		231,102				150,000		231,102
Centel Capital Corp.		9.00	%		10/15/2019		-		-		40,000		46,302				40,000		46,302
Deutsche Telekom International Finance BV		2.25	%		3/6/2017		-		-		150,000		150,995				150,000		150,995
Deutsche Telekom International Finance BV		8.75	%		6/15/2030		-		-		75,000		112,942				75,000		112,942
GTP Acquisition Partners I LLC		2.35	%		6/15/2045		-		-		39,000		38,917				39,000		38,917
GTP Acquisition Partners I LLC		3.48	%		6/15/2050		-		-		41,000		41,426				41,000		41,426
Nippon Telegraph & Telephone Corp.		1.40	%		7/18/2017		-		-		27,000		27,064				27,000		27,064
Orange SA		2.75	%		9/14/2016		-		-		70,000		70,261				70,000		70,261
Orange SA		9.00	%		3/1/2031		-		-		263,000		407,314				263,000		407,314
Qwest Corp.		6.75	%		12/1/2021		-		-		148,000		160,121				148,000		160,121
Telefonica Emisiones SAU		3.19	%		4/27/2018		-		-		150,000		154,017				150,000		154,017
Telefonica Emisiones SAU		5.13	%		4/27/2020		-		-		41,000		45,257				41,000		45,257
Verizon Communications, Inc.		2.63	%		2/21/2020		240,000		248,368		221,000		228,705				461,000		477,073
Verizon Communications, Inc.		4.15	%		3/15/2024		-		-		261,000		287,926				261,000		287,926
Verizon Communications, Inc.		4.27	%		1/15/2036		-		-		30,000		30,702				30,000		30,702
Verizon Communications, Inc.		4.40	%		11/1/2034		-		-		241,000		248,506				241,000		248,506
Verizon Communications, Inc.		4.50	%		9/15/2020		-		-		229,000		254,180				229,000		254,180
Verizon Communications, Inc.		4.52	%		9/15/2048		-		-		153,000		159,319				153,000		159,319
Verizon Communications, Inc.		4.67	%		3/15/2055		-		-		494,000		499,651				494,000		499,651
Verizon Communications, Inc.		4.86	%		8/21/2046		-		-		248,000		271,086				248,000		271,086
Verizon Communications, Inc.		5.01	%		8/21/2054		-		-		33,000		34,899				33,000		34,899
Verizon Communications, Inc.		5.15	%		9/15/2023		-		-		729,000		849,012				729,000		849,012
Verizon Communications, Inc.		5.85	%		9/15/2035		-		-		75,000		91,038				75,000		91,038
Electric Utilities
Alabama Power Co.		3.75	%		3/1/2045		-		-		118,000		122,710				118,000		122,710
Alabama Power Co.		5.60	%		3/15/2033		-		-		100,000		122,023				100,000		122,023
Alabama Power Co.		6.13	%		5/15/2038		-		-		11,000		14,584				11,000		14,584
American Electric Power Co., Inc.		1.65	%		12/15/2017		-		-		32,000		32,092				32,000		32,092
Appalachian Power Co.		6.70	%		8/15/2037		-		-		50,000		64,670				50,000		64,670
Arizona Public Service Co.		2.20	%		1/15/2020		-		-		100,000		102,432				100,000		102,432
Arizona Public Service Co.		4.50	%		4/1/2042		-		-		28,000		32,481				28,000		32,481
Baltimore Gas & Electric Co.		2.80	%		8/15/2022		-		-		95,000		98,418				95,000		98,418
Cleveland Electric Illuminating Co.		7.88	%		11/1/2017		-		-		50,000		53,987				50,000		53,987
Commonwealth Edison Co.		3.65	%		6/15/2046		-		-		81,000		82,757				81,000		82,757
Duke Energy Carolinas LLC		4.25	%		12/15/2041		-		-		21,000		23,531				21,000		23,531
Duke Energy Carolinas LLC		6.00	%		12/1/2028		-		-		100,000		129,706				100,000		129,706
Duke Energy Carolinas LLC		6.00	%		1/15/2038		-		-		48,000		64,301				48,000		64,301
Duke Energy Indiana LLC		3.75	%		7/15/2020		-		-		100,000		108,669				100,000		108,669
Duke Energy Indiana LLC		3.75	%		5/15/2046		-		-		100,000		103,813				100,000		103,813
Duke Energy Indiana LLC		6.35	%		8/15/2038		-		-		80,000		112,607				80,000		112,607
Duke Energy Progress LLC		2.80	%		5/15/2022		-		-		48,000		50,277				48,000		50,277
Duke Energy Progress LLC		3.00	%		9/15/2021		-		-		55,000		58,707				55,000		58,707
Duke Energy Progress LLC		3.25	%		8/15/2025		-		-		111,000		120,000				111,000		120,000
Duke Energy Progress LLC		4.10	%		5/15/2042		-		-		32,000		35,021				32,000		35,021
Duke Energy Progress LLC		4.10	%		3/15/2043		-		-		75,000		81,966				75,000		81,966
Duke Energy Progress LLC		4.15	%		12/1/2044		-		-		65,000		71,578				65,000		71,578
Duke Energy Progress LLC		5.30	%		1/15/2019		-		-		70,000		77,072				70,000		77,072
Edison International		2.95	%		3/15/2023		-		-		100,000		102,529				100,000		102,529
Electricite de France SA		2.15	%		1/22/2019		-		-		80,000		81,643				80,000		81,643
Electricite de France SA		2.35	%		10/13/2020		160,000		163,500		-		-				160,000		163,500
Electricite de France SA		6.00	%		1/22/2114		-		-		150,000		160,480				150,000		160,480
Entergy Arkansas, Inc.		3.50	%		4/1/2026		-		-		57,000		62,471				57,000		62,471
Entergy Corp.		4.70	%		1/15/2017		329,000		333,633		-		-				329,000		333,633
Entergy Louisiana LLC		3.05	%		6/1/2031		-		-		94,000		96,289				94,000		96,289
Entergy Mississippi, Inc.		2.85	%		6/1/2028		-		-		83,000		84,314				83,000		84,314
Exelon Corp.		3.40	%		4/15/2026		-		-		63,000		65,843				63,000		65,843
Florida Power & Light Co.		3.13	%		12/1/2025		-		-		150,000		160,923				150,000		160,923
Florida Power & Light Co.		5.95	%		2/1/2038		-		-		50,000		68,602				50,000		68,602
Georgia Power Co.		3.25	%		4/1/2026		-		-		65,000		69,060				65,000		69,060
Hydro-Quebec		9.40	%		2/1/2021		-		-		250,000		329,910				250,000		329,910
Indiana Michigan Power Co.		3.20	%		3/15/2023		-		-		125,000		130,367				125,000		130,367
Indiana Michigan Power Co.		7.00	%		3/15/2019		-		-		30,000		34,085				30,000		34,085
Jersey Central Power & Light Co.		7.35	%		2/1/2019		-		-		15,000		16,917				15,000		16,917
John Sevier Combined Cycle Generation LLC		4.63	%		1/15/2042		-		-		65,235		76,388				65,235		76,388
Kansas City Power & Light Co.		3.15	%		3/15/2023		-		-		71,000		72,914				71,000		72,914
Kansas City Power & Light Co.		5.30	%		10/1/2041		-		-		100,000		118,767				100,000		118,767
Nevada Power Co.		5.38	%		9/15/2040		-		-		12,000		14,809				12,000		14,809
Nevada Power Co.		5.45	%		5/15/2041		-		-		50,000		63,433				50,000		63,433
Nevada Power Co.		6.50	%		8/1/2018		-		-		50,000		55,405				50,000		55,405
Nevada Power Co.		7.13	%		3/15/2019		-		-		140,000		161,685				140,000		161,685
NextEra Energy Capital Holdings, Inc.		1.59	%		6/1/2017		130,000		130,313		-		-				130,000		130,313
NextEra Energy Capital Holdings, Inc.		2.30	%		4/1/2019		130,000		132,520		-		-				130,000		132,520
NextEra Energy Capital Holdings, Inc.		2.40	%		9/15/2019		-		-		53,000		54,110				53,000		54,110
NextEra Energy Capital Holdings, Inc.		6.00	%		3/1/2019		-		-		25,000		27,718				25,000		27,718
Niagara Mohawk Power Corp.		3.51	%		10/1/2024		-		-		141,000		151,784				141,000		151,784
Niagara Mohawk Power Corp.		4.88	%		8/15/2019		-		-		40,000		43,792				40,000		43,792
NiSource Finance Corp.		5.80	%		2/1/2042		-		-		118,000		150,999				118,000		150,999
Ohio Power Co.		5.38	%		10/1/2021		-		-		50,000		58,052				50,000		58,052
Ohio Power Co.		6.05	%		5/1/2018		-		-		30,000		32,352				30,000		32,352
Oncor Electric Delivery Co. LLC		6.80	%		9/1/2018		-		-		65,000		72,236				65,000		72,236
Oncor Electric Delivery Co. LLC		7.00	%		9/1/2022		-		-		50,000		63,672				50,000		63,672
Pacific Gas & Electric Co.		2.45	%		8/15/2022		-		-		68,000		69,456				68,000		69,456

17

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
Pacific Gas & Electric Co.		3.25	%		6/15/2023	$	-	$	-	$	50,000	$	53,321			$	50,000	$	53,321
Pacific Gas & Electric Co.		3.50	%		6/15/2025		-		-		94,000		102,468				94,000		102,468
Pacific Gas & Electric Co.		4.45	%		4/15/2042		-		-		17,000		19,111				17,000		19,111
Pacific Gas & Electric Co.		4.50	%		12/15/2041		-		-		96,000		108,699				96,000		108,699
Pacific Gas & Electric Co.		6.05	%		3/1/2034		-		-		250,000		333,089				250,000		333,089
PacifiCorp		2.95	%		6/1/2023		-		-		200,000		210,729				200,000		210,729
PacifiCorp		3.60	%		4/1/2024		-		-		105,000		115,332				105,000		115,332
PacifiCorp		3.85	%		6/15/2021		-		-		100,000		109,905				100,000		109,905
PacifiCorp		5.65	%		7/15/2018		-		-		25,000		27,342				25,000		27,342
PECO Energy Co.		2.38	%		9/15/2022		-		-		100,000		102,918				100,000		102,918
PECO Energy Co.		5.35	%		3/1/2018		-		-		50,000		53,440				50,000		53,440
PPL Capital Funding, Inc.		3.40	%		6/1/2023		-		-		70,000		73,045				70,000		73,045
Progress Energy, Inc.		3.15	%		4/1/2022		-		-		54,000		56,194				54,000		56,194
Public Service Co. of Colorado		2.25	%		9/15/2022		-		-		63,000		64,603				63,000		64,603
Public Service Co. of Colorado		3.55	%		6/15/2046		-		-		53,000		54,603				53,000		54,603
Public Service Co. of Colorado		5.80	%		8/1/2018		-		-		20,000		21,867				20,000		21,867
Public Service Co. of Colorado		6.50	%		8/1/2038		-		-		45,000		65,138				45,000		65,138
Public Service Co. of Oklahoma		4.40	%		2/1/2021		-		-		30,000		32,846				30,000		32,846
Public Service Co. of Oklahoma		6.63	%		11/15/2037		-		-		150,000		192,074				150,000		192,074
Public Service Electric & Gas Co.		1.80	%		6/1/2019		-		-		30,000		30,494				30,000		30,494
Public Service Electric & Gas Co.		3.00	%		5/15/2025		-		-		167,000		178,440				167,000		178,440
Public Service Electric & Gas Co.		5.38	%		11/1/2039		-		-		14,000		18,090				14,000		18,090
South Carolina Electric & Gas Co.		4.50	%		6/1/2064		-		-		26,000		26,886				26,000		26,886
Southern California Edison Co.		1.13	%		5/1/2017		172,000		172,375		-		-				172,000		172,375
Southern California Edison Co.		1.85	%		2/1/2022		-		-		60,000		59,614				60,000		59,614
Southern California Edison Co.		3.50	%		10/1/2023		-		-		106,000		116,038				106,000		116,038
Southern California Edison Co.		3.90	%		12/1/2041		-		-		30,000		32,169				30,000		32,169
Southern California Edison Co.		5.50	%		8/15/2018		-		-		65,000		70,944				65,000		70,944
Southern California Edison Co.		6.05	%		3/15/2039		-		-		60,000		82,026				60,000		82,026
Southern Co.		1.30	%		8/15/2017		239,000		238,913		-		-				239,000		238,913
Southern Co.		1.95	%		9/1/2016		-		-		13,000		13,020				13,000		13,020
Southern Power Co.		1.50	%		6/1/2018		160,000		160,800		-		-				160,000		160,800
Southern Power Co.		4.15	%		12/1/2025		-		-		91,000		98,403				91,000		98,403
Southwestern Electric Power Co.		6.45	%		1/15/2019		-		-		150,000		167,334				150,000		167,334
State Grid Overseas Investment, Ltd.		1.75	%		5/22/2018		-		-		200,000		200,747				200,000		200,747
Tri-State Generation & Transmission Association, Inc.		4.25	%		6/1/2046		-		-		62,000		64,043				62,000		64,043
Virginia Electric & Power Co.		2.95	%		1/15/2022		-		-		27,000		28,444				27,000		28,444
Virginia Electric & Power Co.		3.45	%		2/15/2024		-		-		21,000		22,744				21,000		22,744
Virginia Electric & Power Co.		4.45	%		2/15/2044		-		-		28,000		32,183				28,000		32,183
Virginia Electric & Power Co.		5.40	%		4/30/2018		-		-		100,000		107,383				100,000		107,383
Virginia Electric & Power Co.		8.88	%		11/15/2038		-		-		90,000		150,788				90,000		150,788
Wisconsin Electric Power Co.		2.95	%		9/15/2021		-		-		2,000		2,116				2,000		2,116
Wisconsin Electric Power Co.		3.10	%		6/1/2025		-		-		82,000		87,273				82,000		87,273
Xcel Energy, Inc.		2.40	%		3/15/2021		-		-		100,000		102,805				100,000		102,805
Xcel Energy, Inc.		4.80	%		9/15/2041		-		-		9,000		10,344				9,000		10,344
Xcel Energy, Inc.		6.50	%		7/1/2036		-		-		80,000		106,589				80,000		106,589
Electrical Equipment
Eaton Corp.		1.50	%		11/2/2017		-		-		22,000		22,107				22,000		22,107
Eaton Corp.		4.00	%		11/2/2032		-		-		21,000		22,410				21,000		22,410
Eaton Corp.		5.80	%		3/15/2037		-		-		100,000		121,347				100,000		121,347
Eaton Corp.		7.63	%		4/1/2024		-		-		75,000		95,542				75,000		95,542
Electronic Equipment, Instruments & Components
Arrow Electronics, Inc.		3.00	%		3/1/2018		-		-		39,000		39,400				39,000		39,400
Arrow Electronics, Inc.		4.50	%		3/1/2023		-		-		30,000		31,762				30,000		31,762
Arrow Electronics, Inc.		6.88	%		6/1/2018		-		-		40,000		43,146				40,000		43,146
Arrow Electronics, Inc.		7.50	%		1/15/2027		-		-		426,000		517,747				426,000		517,747
Corning, Inc.		1.50	%		5/8/2018		160,000		159,976		-		-				160,000		159,976
Energy Equipment & Services
Boardwalk Pipelines, LP		4.95	%		12/15/2024		-		-		70,000		68,850				70,000		68,850
Boardwalk Pipelines, LP		5.95	%		6/1/2026		-		-		42,000		44,117				42,000		44,117
Diamond Offshore Drilling, Inc.		4.88	%		11/1/2043		-		-		186,000		132,523				186,000		132,523
Diamond Offshore Drilling, Inc.		5.70	%		10/15/2039		-		-		100,000		75,762				100,000		75,762
Ensco PLC		5.20	%		3/15/2025		-		-		70,000		48,650				70,000		48,650
Ensco PLC		5.75	%		10/1/2044		-		-		50,000		30,000				50,000		30,000
Gulf South Pipeline Co., LP		4.00	%		6/15/2022		-		-		350,000		335,297				350,000		335,297
Gulf South Pipeline Co., LP		6.30	%		8/15/2017		-		-		150,000		151,877				150,000		151,877
Halliburton Co.		3.50	%		8/1/2023		-		-		157,000		162,850				157,000		162,850
Halliburton Co.		7.45	%		9/15/2039		-		-		100,000		138,458				100,000		138,458
Halliburton Co.		7.60	%		8/15/2096		-		-		50,000		65,507				50,000		65,507
National Oilwell Varco, Inc.		1.35	%		12/1/2017		-		-		26,000		25,812				26,000		25,812
Noble Holding International, Ltd.		3.95	%		3/15/2022		-		-		11,000		7,659				11,000		7,659
Noble Holding International, Ltd.		5.00	%		3/16/2018		-		-		42,000		41,370				42,000		41,370
Noble Holding International, Ltd.		5.25	%		3/15/2042		-		-		9,000		5,130				9,000		5,130
Noble Holding International, Ltd.		6.05	%		3/1/2041		-		-		120,000		72,000				120,000		72,000
Noble Holding International, Ltd.		7.95	%		4/1/2045		-		-		40,000		28,100				40,000		28,100
Schlumberger Holdings Corp.		3.63	%		12/21/2022		-		-		220,000		232,726				220,000		232,726
Schlumberger Investment SA		3.30	%		9/14/2021		-		-		41,000		43,448				41,000		43,448
Texas Eastern Transmission, LP		2.80	%		10/15/2022		-		-		81,000		79,391				81,000		79,391
Transocean, Inc.		5.05	%		10/15/2022		-		-		49,000		34,668				49,000		34,668
Transocean, Inc.		6.50	%		11/15/2020		-		-		50,000		44,435				50,000		44,435
Transocean, Inc.		7.50	%		4/15/2031		-		-		25,000		16,375				25,000		16,375
Transocean, Inc.		8.13	%		12/15/2021		-		-		102,000		86,190				102,000		86,190
Transocean, Inc.		9.10	%		12/15/2041		-		-		20,000		13,600				20,000		13,600

18

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
Food & Staples Retailing
Costco Wholesale Corp.		2.25	%		2/15/2022	$	-	$	-	$	129,000	$	133,099			$	129,000	$	133,099
CVS Health Corp.		2.13	%		6/1/2021		-		-		331,000		335,070				331,000		335,070
CVS Health Corp.		2.75	%		12/1/2022		-		-		100,000		103,172				100,000		103,172
CVS Health Corp.		2.88	%		6/1/2026		-		-		160,000		163,508				160,000		163,508
CVS Health Corp.		3.50	%		7/20/2022		-		-		134,000		144,276				134,000		144,276
CVS Health Corp.		4.00	%		12/5/2023		-		-		89,000		98,421				89,000		98,421
CVS Health Corp.		5.30	%		12/5/2043		-		-		58,000		72,403				58,000		72,403
CVS Pass-Through Trust		5.93	%		1/10/2034		-		-		61,287		71,053				61,287		71,053
Kroger Co.		2.00	%		1/15/2019		160,000		162,604		-		-				160,000		162,604
Kroger Co.		2.20	%		1/15/2017		-		-		33,000		33,204				33,000		33,204
Kroger Co.		4.00	%		2/1/2024		-		-		135,000		149,708				135,000		149,708
Kroger Co.		5.00	%		4/15/2042		-		-		130,000		149,968				130,000		149,968
Kroger Co.		5.40	%		7/15/2040		-		-		12,000		14,441				12,000		14,441
Kroger Co.		6.15	%		1/15/2020		-		-		50,000		57,557				50,000		57,557
Kroger Co.		6.40	%		8/15/2017		-		-		55,000		58,192				55,000		58,192
Kroger Co.		7.50	%		4/1/2031		-		-		220,000		307,718				220,000		307,718
Sysco Corp.		3.75	%		10/1/2025		-		-		75,000		80,247				75,000		80,247
Walgreen Co.		3.10	%		9/15/2022		-		-		490,000		504,748				490,000		504,748
Walgreen Co.		4.40	%		9/15/2042		-		-		70,000		70,795				70,000		70,795
Walgreens Boots Alliance, Inc.		3.10	%		6/1/2023		-		-		89,000		90,648				89,000		90,648
Walgreens Boots Alliance, Inc.		3.80	%		11/18/2024		-		-		100,000		105,948				100,000		105,948
Walgreens Boots Alliance, Inc.		4.50	%		11/18/2034		-		-		185,000		194,166				185,000		194,166
Food Products
Bunge NA Finance, LP		5.90	%		4/1/2017		-		-		16,000		16,513				16,000		16,513
Bunge, Ltd. Finance Corp.		3.50	%		11/24/2020		-		-		61,000		63,941				61,000		63,941
Bunge, Ltd. Finance Corp.		8.50	%		6/15/2019		-		-		55,000		64,310				55,000		64,310
Cargill, Inc.		3.30	%		3/1/2022		-		-		70,000		74,011				70,000		74,011
Cargill, Inc.		6.00	%		11/27/2017		-		-		100,000		106,672				100,000		106,672
ConAgra Foods, Inc.		2.10	%		3/15/2018		-		-		23,000		23,215				23,000		23,215
JM Smucker Co.		1.75	%		3/15/2018		280,000		282,206		-		-				280,000		282,206
Kellogg Co.		1.75	%		5/17/2017		-		-		38,000		38,238				38,000		38,238
Kraft Heinz Foods Co.		2.00	%		7/2/2018		300,000		303,770		-		-				300,000		303,770
Kraft Heinz Foods Co.		2.80	%		7/2/2020		-		-		330,000		342,686				330,000		342,686
Kraft Heinz Foods Co.		3.50	%		6/6/2022		-		-		64,000		68,065				64,000		68,065
Kraft Heinz Foods Co.		3.95	%		7/15/2025		-		-		215,000		233,765				215,000		233,765
Kraft Heinz Foods Co.		5.00	%		6/4/2042		-		-		59,000		67,833				59,000		67,833
Kraft Heinz Foods Co.		6.13	%		8/23/2018		-		-		73,000		80,057				73,000		80,057
Kraft Heinz Foods Co.		6.50	%		2/9/2040		-		-		75,000		99,165				75,000		99,165
Kraft Heinz Foods Co.		6.88	%		1/26/2039		-		-		356,000		486,116				356,000		486,116
Mead Johnson Nutrition Co.		4.13	%		11/15/2025		-		-		184,000		200,699				184,000		200,699
Mondelez International, Inc.		4.00	%		2/1/2024		-		-		150,000		164,050				150,000		164,050
Tyson Foods, Inc.		3.95	%		8/15/2024		-		-		146,000		157,599				146,000		157,599
Tyson Foods, Inc.		4.88	%		8/15/2034		-		-		170,000		189,655				170,000		189,655
WM Wrigley Jr. Co.		1.40	%		10/21/2016		205,000		205,312		-		-				205,000		205,312
Gas Utilities
AGL Capital Corp.		3.25	%		6/15/2026		-		-		39,000		39,861				39,000		39,861
AGL Capital Corp.		3.50	%		9/15/2021		-		-		75,000		79,609				75,000		79,609
AGL Capital Corp.		4.40	%		6/1/2043		-		-		63,000		64,438				63,000		64,438
AGL Capital Corp.		5.88	%		3/15/2041		-		-		146,000		178,147				146,000		178,147
AGL Capital Corp.		6.38	%		7/15/2016		-		-		100,000		100,115				100,000		100,115
Atmos Energy Corp.		4.13	%		10/15/2044		-		-		75,000		81,758				75,000		81,758
Atmos Energy Corp.		4.15	%		1/15/2043		-		-		138,000		146,732				138,000		146,732
Atmos Energy Corp.		8.50	%		3/15/2019		-		-		35,000		41,262				35,000		41,262
Boston Gas Co.		4.49	%		2/15/2042		-		-		26,000		28,234				26,000		28,234
CenterPoint Energy Resources Corp.		5.85	%		1/15/2041		-		-		100,000		116,059				100,000		116,059
Dominion Gas Holdings LLC		2.80	%		11/15/2020		-		-		59,000		60,967				59,000		60,967
Health Care Equipment & Supplies
Abbott Laboratories		2.00	%		3/15/2020		300,000		304,192		-		-				300,000		304,192
Becton Dickinson and Co.		1.45	%		5/15/2017		148,000		148,385		-		-				148,000		148,385
Becton Dickinson and Co.		1.80	%		12/15/2017		164,000		165,341		-		-				164,000		165,341
Becton Dickinson and Co.		2.68	%		12/15/2019		-		-		33,000		33,941				33,000		33,941
Becton Dickinson and Co.		3.73	%		12/15/2024		-		-		40,000		43,086				40,000		43,086
Medtronic, Inc.		2.50	%		3/15/2020		131,000		135,862		-		-				131,000		135,862
Medtronic, Inc.		3.15	%		3/15/2022		-		-		175,000		186,755				175,000		186,755
Medtronic, Inc.		4.38	%		3/15/2035		-		-		205,000		231,884				205,000		231,884
St. Jude Medical, Inc.		2.00	%		9/15/2018		110,000		111,257		-		-				110,000		111,257
St. Jude Medical, Inc.		2.80	%		9/15/2020		130,000		134,015		-		-				130,000		134,015
Stryker Corp.		2.00	%		3/8/2019		165,000		167,730		-		-				165,000		167,730
Stryker Corp.		3.50	%		3/15/2026		-		-		38,000		40,313				38,000		40,313
Zimmer Biomet Holdings, Inc.		2.00	%		4/1/2018		150,000		151,253		-		-				150,000		151,253

19

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
Health Care Providers & Services
Aetna, Inc.		1.90	%		6/7/2019	$	222,000	$	224,884	$	-	$	-			$	222,000	$	224,884
Aetna, Inc.		2.80	%		6/15/2023		-		-		75,000		76,613				75,000		76,613
Aetna, Inc.		4.25	%		6/15/2036		-		-		46,000		47,526				46,000		47,526
Aetna, Inc.		4.50	%		5/15/2042		-		-		26,000		27,524				26,000		27,524
Aetna, Inc.		6.75	%		12/15/2037		-		-		50,000		67,816				50,000		67,816
AmerisourceBergen Corp.		1.15	%		5/15/2017		305,000		304,921		-		-				305,000		304,921
Anthem, Inc.		2.25	%		8/15/2019		170,000		171,515		-		-				170,000		171,515
Anthem, Inc.		2.30	%		7/15/2018		-		-		70,000		71,007				70,000		71,007
Anthem, Inc.		3.13	%		5/15/2022		-		-		62,000		64,143				62,000		64,143
Anthem, Inc.		3.30	%		1/15/2023		-		-		28,000		28,922				28,000		28,922
Anthem, Inc.		4.63	%		5/15/2042		-		-		50,000		52,448				50,000		52,448
Anthem, Inc.		4.65	%		1/15/2043		-		-		54,000		56,356				54,000		56,356
Anthem, Inc.		4.65	%		8/15/2044		-		-		130,000		138,443				130,000		138,443
Cardinal Health, Inc.		1.95	%		6/15/2018		110,000		111,275		-		-				110,000		111,275
Cardinal Health, Inc.		3.75	%		9/15/2025		-		-		75,000		81,595				75,000		81,595
Express Scripts Holding Co.		1.25	%		6/2/2017		100,000		99,930		-		-				100,000		99,930
Express Scripts Holding Co.		3.00	%		7/15/2023		-		-		76,000		76,085				76,000		76,085
Express Scripts Holding Co.		3.50	%		6/15/2024		-		-		150,000		154,853				150,000		154,853
Express Scripts Holding Co.		4.50	%		2/25/2026		-		-		85,000		93,385				85,000		93,385
Express Scripts Holding Co.		4.80	%		7/15/2046		-		-		93,000		92,876				93,000		92,876
Laboratory Corp. of America Holdings		3.20	%		2/1/2022		-		-		249,000		257,561				249,000		257,561
Quest Diagnostics, Inc.		3.45	%		6/1/2026		-		-		39,000		40,344				39,000		40,344
Roche Holdings, Inc.		3.35	%		9/30/2024		-		-		300,000		325,468				300,000		325,468
Texas Health Resources		4.33	%		11/15/2055		-		-		250,000		281,253				250,000		281,253
UnitedHealth Group, Inc.		1.40	%		12/15/2017		179,000		179,962		-		-				179,000		179,962
UnitedHealth Group, Inc.		1.70	%		2/15/2019		-		-		55,000		55,580				55,000		55,580
UnitedHealth Group, Inc.		1.90	%		7/16/2018		100,000		101,724		-		-				100,000		101,724
UnitedHealth Group, Inc.		2.13	%		3/15/2021		-		-		100,000		101,882				100,000		101,882
UnitedHealth Group, Inc.		2.75	%		2/15/2023		-		-		23,000		23,642				23,000		23,642
UnitedHealth Group, Inc.		2.88	%		3/15/2023		-		-		50,000		52,053				50,000		52,053
UnitedHealth Group, Inc.		3.10	%		3/15/2026		-		-		100,000		104,266				100,000		104,266
UnitedHealth Group, Inc.		3.35	%		7/15/2022		-		-		56,000		59,910				56,000		59,910
UnitedHealth Group, Inc.		3.38	%		11/15/2021		-		-		94,000		101,454				94,000		101,454
UnitedHealth Group, Inc.		4.63	%		7/15/2035		-		-		140,000		162,596				140,000		162,596
UnitedHealth Group, Inc.		6.63	%		11/15/2037		-		-		80,000		113,091				80,000		113,091
Hotels, Restaurants & Leisure
McDonald’s Corp.		2.10	%		12/7/2018		230,000		235,376		-		-				230,000		235,376
McDonald’s Corp.		4.70	%		12/9/2035		-		-		105,000		118,445				105,000		118,445
McDonald’s Corp.		6.30	%		10/15/2037		-		-		63,000		83,609				63,000		83,609
Starbucks Corp.		4.30	%		6/15/2045		-		-		109,000		129,473				109,000		129,473
Household Durables
Newell Brands, Inc.		2.60	%		3/29/2019		170,000		174,451		-		-				170,000		174,451
Whirlpool Corp.		1.65	%		11/1/2017		162,000		163,010		-		-				162,000		163,010
Household Products
Kimberly-Clark Corp.		2.40	%		3/1/2022		-		-		20,000		20,776				20,000		20,776
Kimberly-Clark Corp.		7.50	%		11/1/2018		-		-		15,000		17,155				15,000		17,155
Procter & Gamble Co.		1.90	%		11/1/2019		180,000		185,064		-		-				180,000		185,064

20

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
Independent Power & Renewable Electricity Producers
Exelon Generation Co. LLC		2.95	%		1/15/2020	$	-	$	-	$	204,000	$	209,847			$	204,000	$	209,847
Exelon Generation Co. LLC		4.00	%		10/1/2020		-		-		60,000		64,001				60,000		64,001
Exelon Generation Co. LLC		4.25	%		6/15/2022		-		-		80,000		85,325				80,000		85,325
PSEG Power LLC		4.15	%		9/15/2021		-		-		125,000		133,445				125,000		133,445
PSEG Power LLC		4.30	%		11/15/2023		-		-		37,000		38,861				37,000		38,861
Industrial Conglomerates
Danaher Corp.		2.40	%		9/15/2020		-		-		56,000		58,414				56,000		58,414
General Electric Co.		1.60	%		11/20/2017		-		-		127,000		128,133				127,000		128,133
General Electric Co.		2.10	%		12/11/2019		-		-		20,000		20,633				20,000		20,633
General Electric Co.		2.20	%		1/9/2020		188,000		193,773		129,000		132,961				317,000		326,734
General Electric Co.		2.30	%		4/27/2017		-		-		75,000		75,748				75,000		75,748
General Electric Co.		2.70	%		10/9/2022		-		-		64,000		67,168				64,000		67,168
General Electric Co.		3.10	%		1/9/2023		-		-		230,000		245,688				230,000		245,688
General Electric Co.		3.15	%		9/7/2022		-		-		86,000		92,294				86,000		92,294
General Electric Co.		3.38	%		3/11/2024		-		-		131,000		142,582				131,000		142,582
General Electric Co.		4.38	%		9/16/2020		-		-		108,000		120,285				108,000		120,285
General Electric Co.		4.65	%		10/17/2021		-		-		390,000		446,617				390,000		446,617
General Electric Co.		5.30	%		2/11/2021		-		-		25,000		29,005				25,000		29,005
General Electric Co.		5.50	%		1/8/2020		-		-		180,000		205,744				180,000		205,744
General Electric Co.		6.75	%		3/15/2032		-		-		61,000		85,611				61,000		85,611
Koninklijke Philips NV		3.75	%		3/15/2022		-		-		100,000		107,402				100,000		107,402
Koninklijke Philips NV		5.75	%		3/11/2018		-		-		14,000		14,971				14,000		14,971
Koninklijke Philips NV		7.20	%		6/1/2026		-		-		20,000		25,340				20,000		25,340
Siemens Financieringsmaatschappij NV		1.45	%		5/25/2018		240,000		241,845		-		-				240,000		241,845
Insurance
AIG SunAmerica Global Financing X		6.90	%		3/15/2032		-		-		200,000		260,231				200,000		260,231
Allstate Corp.		3.15	%		6/15/2023		-		-		41,000		43,600				41,000		43,600
American International Group, Inc.		3.75	%		7/10/2025		-		-		81,000		82,556				81,000		82,556
American International Group, Inc.		3.88	%		1/15/2035		-		-		111,000		106,279				111,000		106,279
American International Group, Inc.		4.13	%		2/15/2024		-		-		71,000		74,900				71,000		74,900
Aon Corp.		6.25	%		9/30/2040		-		-		18,000		22,888				18,000		22,888
Aon PLC		3.50	%		6/14/2024		-		-		100,000		102,923				100,000		102,923
Aon PLC		3.88	%		12/15/2025		-		-		143,000		150,827				143,000		150,827
Berkshire Hathaway Finance Corp.		1.30	%		5/15/2018		-		-		97,000		97,610				97,000		97,610
Berkshire Hathaway Finance Corp.		1.70	%		3/15/2019		100,000		101,634		-		-				100,000		101,634
Berkshire Hathaway Finance Corp.		3.00	%		5/15/2022		-		-		25,000		26,709				25,000		26,709
Berkshire Hathaway Finance Corp.		4.30	%		5/15/2043		-		-		83,000		92,119				83,000		92,119
Berkshire Hathaway Finance Corp.		4.40	%		5/15/2042		-		-		221,000		248,077				221,000		248,077
Berkshire Hathaway Finance Corp.		5.40	%		5/15/2018		-		-		50,000		54,078				50,000		54,078
Chubb INA Holdings, Inc.		2.88	%		11/3/2022		-		-		73,000		76,361				73,000		76,361
Chubb INA Holdings, Inc.		3.15	%		3/15/2025		-		-		231,000		241,199				231,000		241,199
Chubb INA Holdings, Inc.		3.35	%		5/3/2026		-		-		50,000		53,295				50,000		53,295
CNA Financial Corp.		3.95	%		5/15/2024		-		-		26,000		27,341				26,000		27,341
CNA Financial Corp.		4.50	%		3/1/2026		-		-		19,000		20,224				19,000		20,224
Jackson National Life Global Funding		3.05	%		4/29/2026		-		-		95,000		96,274				95,000		96,274
Liberty Mutual Group, Inc.		5.00	%		6/1/2021		-		-		47,000		51,898				47,000		51,898
Liberty Mutual Group, Inc.		6.50	%		3/15/2035		-		-		130,000		159,495				130,000		159,495
Lincoln National Corp.		4.00	%		9/1/2023		-		-		150,000		155,945				150,000		155,945
Lincoln National Corp.		4.20	%		3/15/2022		-		-		162,000		173,756				162,000		173,756
Lincoln National Corp.		4.85	%		6/24/2021		-		-		12,000		13,269				12,000		13,269
Marsh & McLennan Cos., Inc.		2.35	%		3/6/2020		-		-		176,000		179,570				176,000		179,570
Marsh & McLennan Cos., Inc.		3.30	%		3/14/2023		-		-		17,000		17,747				17,000		17,747
Marsh & McLennan Cos., Inc.		3.50	%		3/10/2025		-		-		129,000		134,045				129,000		134,045
Massachusetts Mutual Life Insurance Co.		5.38	%		12/1/2041		-		-		26,000		30,190				26,000		30,190
Massachusetts Mutual Life Insurance Co.		7.63	%		11/15/2023		-		-		250,000		310,833				250,000		310,833
MassMutual Global Funding II		2.50	%		10/17/2022		-		-		100,000		101,354				100,000		101,354
MetLife, Inc.		1.90	%		12/15/2017		129,000		130,168		-		-				129,000		130,168
Metropolitan Life Global Funding I		1.50	%		1/10/2018		-		-		214,000		215,234				214,000		215,234
Metropolitan Life Global Funding I		2.30	%		4/10/2019		-		-		150,000		153,500				150,000		153,500
Metropolitan Life Global Funding I		3.00	%		1/10/2023		-		-		150,000		153,783				150,000		153,783
Metropolitan Life Global Funding I		3.65	%		6/14/2018		-		-		125,000		130,645				125,000		130,645
Metropolitan Life Global Funding I		3.88	%		4/11/2022		-		-		200,000		217,553				200,000		217,553
Nationwide Mutual Insurance Co.		9.38	%		8/15/2039		-		-		195,000		296,467				195,000		296,467
New York Life Global Funding		1.55	%		11/2/2018		100,000		100,928		-		-				100,000		100,928
New York Life Global Funding		2.15	%		6/18/2019		-		-		293,000		300,143				293,000		300,143
Pacific Life Insurance Co.		9.25	%		6/15/2039		-		-		150,000		227,431				150,000		227,431
Pricoa Global Funding I		1.90	%		9/21/2018		210,000		213,163		-		-				210,000		213,163
Principal Financial Group, Inc.		1.85	%		11/15/2017		-		-		13,000		13,071				13,000		13,071
Principal Life Global Funding II		1.50	%		9/11/2017		-		-		200,000		200,904				200,000		200,904
Prudential Insurance Co. of America		8.30	%		7/1/2025		-		-		450,000		599,886				450,000		599,886
Reliance Standard Life Global Funding II		3.05	%		1/20/2021		-		-		101,000		104,375				101,000		104,375
Travelers Cos., Inc.		5.80	%		5/15/2018		-		-		50,000		54,234				50,000		54,234

21

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
Internet & Catalog Retail
Amazon.com, Inc.		3.80	%		12/5/2024	$	-	$	-	$	197,000	$	220,804			$	197,000	$	220,804
Amazon.com, Inc.		4.80	%		12/5/2034		-		-		157,000		184,664				157,000		184,664
Internet Software & Services
Alibaba Group Holding, Ltd.		1.63	%		11/28/2017		205,000		205,431		-		-				205,000		205,431
eBay, Inc.		2.50	%		3/9/2018		100,000		101,825		-		-				100,000		101,825
eBay, Inc.		2.60	%		7/15/2022		-		-		455,000		450,539				455,000		450,539
eBay, Inc.		3.45	%		8/1/2024		-		-		139,000		142,080				139,000		142,080
IT Services
Automatic Data Processing, Inc.		2.25	%		9/15/2020		310,000		322,081		-		-				310,000		322,081
International Business Machines Corp.		1.80	%		5/17/2019		-		-		100,000		101,755				100,000		101,755
International Business Machines Corp.		2.25	%		2/19/2021		-		-		348,000		358,842				348,000		358,842
International Business Machines Corp.		6.22	%		8/1/2027		-		-		250,000		328,409				250,000		328,409
Total System Services, Inc.		4.80	%		4/1/2026		-		-		75,000		81,329				75,000		81,329
Xerox Corp.		2.75	%		9/1/2020		-		-		150,000		144,584				150,000		144,584
Xerox Corp.		2.95	%		3/15/2017		-		-		26,000		26,225				26,000		26,225
Xerox Corp.		5.63	%		12/15/2019		-		-		61,000		65,390				61,000		65,390
Xerox Corp.		6.75	%		2/1/2017		-		-		50,000		51,342				50,000		51,342
Life Sciences Tools & Services
Thermo Fisher Scientific, Inc.		2.15	%		12/14/2018		121,000		122,375		-		-				121,000		122,375
Thermo Fisher Scientific, Inc.		3.00	%		4/15/2023		-		-		57,000		58,190				57,000		58,190
Thermo Fisher Scientific, Inc.		3.15	%		1/15/2023		-		-		35,000		35,763				35,000		35,763
Thermo Fisher Scientific, Inc.		3.60	%		8/15/2021		-		-		22,000		23,322				22,000		23,322
Thermo Fisher Scientific, Inc.		4.15	%		2/1/2024		-		-		34,000		37,107				34,000		37,107
Machinery
Caterpillar Financial Services Corp.		1.00	%		11/25/2016		-		-		200,000		200,102				200,000		200,102
Caterpillar Financial Services Corp.		2.25	%		12/1/2019		219,000		225,475		-		-				219,000		225,475
Caterpillar Financial Services Corp.		2.85	%		6/1/2022		-		-		46,000		48,143				46,000		48,143
Caterpillar Financial Services Corp.		3.25	%		12/1/2024		-		-		130,000		139,364				130,000		139,364
Caterpillar Financial Services Corp.		7.05	%		10/1/2018		-		-		125,000		140,363				125,000		140,363
Caterpillar, Inc.		2.60	%		6/26/2022		-		-		35,000		36,097				35,000		36,097
Deere & Co.		2.60	%		6/8/2022		-		-		74,000		75,998				74,000		75,998
Deere & Co.		3.90	%		6/9/2042		-		-		32,000		34,164				32,000		34,164
Illinois Tool Works, Inc.		3.50	%		3/1/2024		-		-		100,000		109,328				100,000		109,328
Illinois Tool Works, Inc.		3.90	%		9/1/2042		-		-		280,000		301,025				280,000		301,025
Ingersoll-Rand Co.		6.39	%		11/15/2027		-		-		25,000		30,307				25,000		30,307
Ingersoll-Rand Global Holding Co., Ltd.		2.88	%		1/15/2019		219,000		226,797		-		-				219,000		226,797
Ingersoll-Rand Global Holding Co., Ltd.		4.25	%		6/15/2023		-		-		81,000		89,919				81,000		89,919
Ingersoll-Rand Luxembourg Finance SA		2.63	%		5/1/2020		-		-		80,000		81,291				80,000		81,291
Parker-Hannifin Corp.		4.45	%		11/21/2044		-		-		85,000		100,195				85,000		100,195
Parker-Hannifin Corp.		5.50	%		5/15/2018		-		-		20,000		21,707				20,000		21,707
Pentair Finance SA		2.90	%		9/15/2018		-		-		242,000		244,451				242,000		244,451
Roper Technologies, Inc.		3.00	%		12/15/2020		-		-		42,000		43,422				42,000		43,422
Media
21st Century Fox America, Inc.		6.65	%		11/15/2037		-		-		50,000		65,570				50,000		65,570
21st Century Fox America, Inc.		7.30	%		4/30/2028		-		-		50,000		66,266				50,000		66,266
21st Century Fox America, Inc.		8.88	%		4/26/2023		-		-		80,000		108,912				80,000		108,912
21st Century Fox America, Inc.		9.50	%		7/15/2024		-		-		70,000		101,107				70,000		101,107
CBS Corp.		3.70	%		8/15/2024		-		-		287,000		299,719				287,000		299,719
CBS Corp.		4.00	%		1/15/2026		-		-		83,000		88,592				83,000		88,592
Charter Communications Operating LLC / Charter Communications Operating Capital		4.46	%		7/23/2022		-		-		317,000		340,691				317,000		340,691
Charter Communications Operating LLC / Charter Communications Operating Capital		6.38	%		10/23/2035		-		-		92,000		108,945				92,000		108,945
Charter Communications Operating LLC / Charter Communications Operating Capital		6.83	%		10/23/2055		-		-		125,000		148,627				125,000		148,627
Comcast Corp.		2.75	%		3/1/2023		-		-		53,000		55,505				53,000		55,505
Comcast Corp.		4.20	%		8/15/2034		-		-		167,000		183,877				167,000		183,877
Comcast Corp.		4.25	%		1/15/2033		-		-		173,000		190,882				173,000		190,882
Comcast Corp.		6.45	%		3/15/2037		-		-		50,000		68,799				50,000		68,799
Comcast Corp.		6.50	%		11/15/2035		-		-		250,000		347,535				250,000		347,535
Comcast Corp.		6.50	%		1/15/2017		-		-		50,000		51,466				50,000		51,466
Cox Communications, Inc.		3.25	%		12/15/2022		-		-		55,000		54,847				55,000		54,847
Cox Communications, Inc.		4.80	%		2/1/2035		-		-		350,000		327,031				350,000		327,031
Cox Communications, Inc.		8.38	%		3/1/2039		-		-		60,000		72,505				60,000		72,505
Discovery Communications LLC		4.38	%		6/15/2021		-		-		80,000		85,901				80,000		85,901
Discovery Communications LLC		4.95	%		5/15/2042		-		-		200,000		173,631				200,000		173,631
Historic TW, Inc.		9.15	%		2/1/2023		-		-		500,000		672,093				500,000		672,093
NBCUniversal Media LLC		4.38	%		4/1/2021		-		-		50,000		56,028				50,000		56,028
NBCUniversal Media LLC		6.40	%		4/30/2040		-		-		170,000		237,043				170,000		237,043
SES SA		3.60	%		4/4/2023		-		-		100,000		100,643				100,000		100,643
Thomson Reuters Corp.		1.30	%		2/23/2017		119,000		119,020		-		-				119,000		119,020
Thomson Reuters Corp.		1.65	%		9/29/2017		129,000		129,552		-		-				129,000		129,552
Thomson Reuters Corp.		3.85	%		9/29/2024		-		-		254,000		270,682				254,000		270,682
Thomson Reuters Corp.		3.95	%		9/30/2021		-		-		126,000		134,370				126,000		134,370
Thomson Reuters Corp.		4.50	%		5/23/2043		-		-		59,000		58,481				59,000		58,481
Thomson Reuters Corp.		4.70	%		10/15/2019		-		-		15,000		16,225				15,000		16,225
Time Warner Cable, Inc.		5.50	%		9/1/2041		-		-		90,000		94,535				90,000		94,535
Time Warner Cable, Inc.		6.75	%		7/1/2018		-		-		60,000		65,792				60,000		65,792
Time Warner Cable, Inc.		7.30	%		7/1/2038		-		-		100,000		125,224				100,000		125,224
Time Warner Cable, Inc.		8.75	%		2/14/2019		-		-		50,000		58,380				50,000		58,380
Time Warner Cos., Inc.		7.57	%		2/1/2024		-		-		40,000		50,798				40,000		50,798
Time Warner Entertainment Co., LP		8.38	%		7/15/2033		-		-		75,000		101,619				75,000		101,619
Time Warner, Inc.		3.55	%		6/1/2024		-		-		250,000		265,599				250,000		265,599
Time Warner, Inc.		3.60	%		7/15/2025		-		-		135,000		142,850				135,000		142,850
Viacom, Inc.		2.75	%		12/15/2019		-		-		53,000		53,769				53,000		53,769
Viacom, Inc.		3.13	%		6/15/2022		-		-		80,000		79,876				80,000		79,876
Viacom, Inc.		3.88	%		12/15/2021		-		-		72,000		75,967				72,000		75,967
Viacom, Inc.		4.38	%		3/15/2043		-		-		93,000		75,123				93,000		75,123
Viacom, Inc.		4.50	%		2/27/2042		-		-		25,000		20,742				25,000		20,742
Viacom, Inc.		4.85	%		12/15/2034		-		-		32,000		29,833				32,000		29,833
Viacom, Inc.		6.88	%		4/30/2036		-		-		150,000		164,667				150,000		164,667
Walt Disney Co.		3.00	%		2/13/2026		-		-		450,000		484,108				450,000		484,108

22

						Voya Limited Maturity Bond VP					JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value			Principal		Value		Principal	Value	Principal		Value
Metals & Mining
BHP Billiton Finance USA, Ltd.		2.05	%		9/30/2018	$	175,000	$	177,292		$	-	$	-			$	175,000	$	177,292
BHP Billiton Finance USA, Ltd.		3.85	%		9/30/2023		-		-			131,000		142,550				131,000		142,550
BHP Billiton Finance USA, Ltd.		5.00	%		9/30/2043		-		-			50,000		58,099				50,000		58,099
Freeport Minerals Corp.		9.50	%		6/1/2031		-		-			250,000		237,500				250,000		237,500
Freeport-McMoRan, Inc.		2.15	%		3/1/2017		-		-	��		134,000		132,995				134,000		132,995
Freeport-McMoRan, Inc.		3.88	%		3/15/2023		-		-			112,000		98,000				112,000		98,000
Freeport-McMoRan, Inc.		5.40	%		11/14/2034		-		-			207,000		164,565				207,000		164,565
Freeport-McMoRan, Inc.		5.45	%		3/15/2043		-		-			184,000		147,660				184,000		147,660
Nucor Corp.		4.00	%		8/1/2023		-		-			45,000		48,058				45,000		48,058
Placer Dome, Inc.		6.45	%		10/15/2035		-		-			40,000		42,715				40,000		42,715
Teck Resources, Ltd.		3.75	%		2/1/2023		-		-			77,000		58,520				77,000		58,520
Teck Resources, Ltd.		4.75	%		1/15/2022		-		-			277,000		234,037				277,000		234,037
Multiline Retail
Macy’s Retail Holdings, Inc.		2.88	%		2/15/2023		-		-			274,000		260,663				274,000		260,663
Macy’s Retail Holdings, Inc.		3.45	%		1/15/2021		-		-			-		-				-		-
Macy’s Retail Holdings, Inc.		3.88	%		1/15/2022		-		-			-		-				-		-
Macy’s Retail Holdings, Inc.		4.38	%		9/1/2023		-		-			112,000		116,343				112,000		116,343
Macy’s Retail Holdings, Inc.		4.50	%		12/15/2034		-		-			79,000		69,985				79,000		69,985
Macy’s Retail Holdings, Inc.		6.90	%		1/15/2032		-		-			120,000		128,398				120,000		128,398
Macy’s Retail Holdings, Inc.		7.45	%		7/15/2017		-		-			30,000		31,770				30,000		31,770
Nordstrom, Inc.		4.00	%		10/15/2021		-		-			35,000		37,423				35,000		37,423
Multi-Utilities
Berkshire Hathaway Energy Co.		2.40	%		2/1/2020		-		-			82,000		84,227				82,000		84,227
Berkshire Hathaway Energy Co.		3.50	%		2/1/2025		-		-			104,000		112,166				104,000		112,166
Berkshire Hathaway Energy Co.		4.50	%		2/1/2045		-		-			75,000		84,191				75,000		84,191
Black Hills Corp.		2.50	%		1/11/2019		270,000		275,633			-		-				270,000		275,633
CMS Energy Corp.		3.00	%		5/15/2026		-		-			73,000		74,577				73,000		74,577
Consumers Energy Co.		2.85	%		5/15/2022		-		-			20,000		20,822				20,000		20,822
Consumers Energy Co.		5.65	%		4/15/2020		-		-			20,000		22,927				20,000		22,927
Consumers Energy Co.		6.13	%		3/15/2019		-		-			100,000		113,379				100,000		113,379
Delmarva Power & Light Co.		4.00	%		6/1/2042		-		-			47,000		49,653				47,000		49,653
Dominion Resources, Inc.		1.90	%		6/15/2018		240,000		241,131			-		-				240,000		241,131
Dominion Resources, Inc.		5.25	%		8/1/2033		-		-			100,000		110,982				100,000		110,982
DTE Electric Co.		2.65	%		6/15/2022		-		-			20,000		20,849				20,000		20,849
DTE Electric Co.		3.70	%		3/15/2045		-		-			123,000		130,380				123,000		130,380
DTE Energy Co.		2.40	%		12/1/2019		-		-			69,000		70,453				69,000		70,453
DTE Energy Co.		3.30	%		6/15/2022		-		-			79,000		83,260				79,000		83,260
DTE Energy Co.		3.85	%		12/1/2023		-		-			46,000		49,687				46,000		49,687
San Diego Gas & Electric Co.		3.95	%		11/15/2041		-		-			44,000		47,413				44,000		47,413
San Diego Gas & Electric Co.		6.00	%		6/1/2026		-		-			50,000		65,527				50,000		65,527
Sempra Energy		2.88	%		10/1/2022		-		-			70,000		71,611				70,000		71,611
Sempra Energy		3.55	%		6/15/2024		-		-			165,000		172,941				165,000		172,941
Sempra Energy		4.05	%		12/1/2023		-		-			72,000		77,894				72,000		77,894
Sempra Energy		9.80	%		2/15/2019		-		-			50,000		60,182				50,000		60,182
WEC Energy Group, Inc.		3.55	%		6/15/2025		-		-			144,000		154,518				144,000		154,518
Oil, Gas & Consumable Fuels
Anadarko Finance Co.		7.50	%		5/1/2031		-		-			100,000		119,726				100,000		119,726
Anadarko Petroleum Corp.		8.70	%		3/15/2019		-		-			80,000		91,234				80,000		91,234
Apache Corp.		2.63	%		1/15/2023		-		-			100,000		99,053				100,000		99,053
Apache Corp.		3.25	%		4/15/2022		-		-			14,000		14,342				14,000		14,342
Apache Corp.		4.75	%		4/15/2043		-		-			57,000		58,600				57,000		58,600
BP Capital Markets PLC		1.38	%		11/6/2017		-		-			40,000		40,140				40,000		40,140
BP Capital Markets PLC		1.67	%		2/13/2018		85,000		85,652			-		-				85,000		85,652
BP Capital Markets PLC		1.85	%		5/5/2017		-		-			89,000		89,503				89,000		89,503
BP Capital Markets PLC		2.24	%		5/10/2019		-		-			150,000		154,034				150,000		154,034
BP Capital Markets PLC		2.52	%		1/15/2020		149,000		153,713			-		-				149,000		153,713
BP Capital Markets PLC		2.75	%		5/10/2023		-		-			254,000		255,938				254,000		255,938
BP Capital Markets PLC		3.25	%		5/6/2022		-		-			96,000		100,749				96,000		100,749
BP Capital Markets PLC		3.54	%		11/4/2024		-		-			300,000		316,118				300,000		316,118
BP Capital Markets PLC		3.81	%		2/10/2024		-		-			116,000		124,272				116,000		124,272
Buckeye Partners, LP		4.88	%		2/1/2021		-		-			300,000		315,162				300,000		315,162
Buckeye Partners, LP		5.85	%		11/15/2043		-		-			100,000		97,218				100,000		97,218
Burlington Resources Finance Co.		7.40	%		12/1/2031		-		-			25,000		32,636				25,000		32,636
Canadian Natural Resources, Ltd.		1.75	%		1/15/2018		-		-			125,000		123,906				125,000		123,906
Canadian Natural Resources, Ltd.		5.90	%		2/1/2018		-		-			25,000		26,412				25,000		26,412
Canadian Natural Resources, Ltd.		6.25	%		3/15/2038		-		-			140,000		152,190				140,000		152,190
Canadian Natural Resources, Ltd.		6.45	%		6/30/2033		-		-			124,000		135,353				124,000		135,353
Canadian Natural Resources, Ltd.		7.20	%		1/15/2032		-		-			20,000		22,215				20,000		22,215
Cenovus Energy, Inc.		3.00	%		8/15/2022		-		-			325,000		296,679				325,000		296,679
Cenovus Energy, Inc.		4.45	%		9/15/2042		-		-			42,000		33,422				42,000		33,422
Cenovus Energy, Inc.		6.75	%		11/15/2039		-		-			89,000		93,462				89,000		93,462
Chevron Corp.		1.37	%		3/2/2018		250,000		251,373			-		-				250,000		251,373
Chevron Corp.		1.79	%		11/16/2018		151,000		153,020			-		-				151,000		153,020
Chevron Corp.		2.36	%		12/5/2022		-		-			60,000		60,902				60,000		60,902

23

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
Chevron Corp.		2.57	%		5/16/2023	$	-	$	-	$	400,000	$	408,518			$	400,000	$	408,518
Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co., LP		1.70	%		5/1/2018		100,000		99,770		-		-				100,000		99,770
CNOOC Finance LLC		3.50	%		5/5/2025		-		-		235,000		238,066				235,000		238,066
CNOOC Finance Pty, Ltd.		2.63	%		5/5/2020		-		-		230,000		232,120				230,000		232,120
CNOOC Nexen Finance ULC		4.25	%		4/30/2024		-		-		209,000		221,494				209,000		221,494
Columbia Pipeline Group, Inc.		2.45	%		6/1/2018		170,000		170,548		-		-				170,000		170,548
ConocoPhillips Canada Funding Co. I		5.63	%		10/15/2016		-		-		100,000		101,223				100,000		101,223
ConocoPhillips Co.		2.20	%		5/15/2020		-		-		82,000		82,805				82,000		82,805
ConocoPhillips Co.		3.35	%		11/15/2024		-		-		225,000		231,782				225,000		231,782
ConocoPhillips Co.		5.75	%		2/1/2019		-		-		75,000		82,512				75,000		82,512
ConocoPhillips Holding Co.		6.95	%		4/15/2029		-		-		100,000		124,807				100,000		124,807
Devon Energy Corp.		3.25	%		5/15/2022		-		-		64,000		62,067				64,000		62,067
Devon Energy Corp.		4.75	%		5/15/2042		-		-		52,000		46,604				52,000		46,604
Devon Energy Corp.		6.30	%		1/15/2019		-		-		30,000		32,500				30,000		32,500
Devon Energy Corp.		7.95	%		4/15/2032		-		-		150,000		171,873				150,000		171,873
Devon Financing Co. LLC		7.88	%		9/30/2031		-		-		100,000		116,367				100,000		116,367
Ecopetrol SA		4.13	%		1/16/2025		-		-		100,000		90,470				100,000		90,470
Ecopetrol SA		5.38	%		6/26/2026		-		-		116,000		112,810				116,000		112,810
Ecopetrol SA		5.88	%		9/18/2023		-		-		71,000		73,130				71,000		73,130
Encana Corp.		6.50	%		8/15/2034		-		-		40,000		40,098				40,000		40,098
Encana Corp.		6.50	%		5/15/2019		-		-		40,000		42,400				40,000		42,400
Energy Transfer Partners, LP		2.50	%		6/15/2018		110,000		109,492		-		-				110,000		109,492
Energy Transfer Partners, LP		3.60	%		2/1/2023		-		-		143,000		137,029				143,000		137,029
Energy Transfer Partners, LP		4.75	%		1/15/2026		-		-		123,000		126,494				123,000		126,494
Energy Transfer Partners, LP		5.15	%		3/15/2045		-		-		39,000		35,439				39,000		35,439
Eni SpA		5.70	%		10/1/2040		-		-		125,000		130,820				125,000		130,820
EnLink Midstream Partners, LP		2.70	%		4/1/2019		-		-		131,000		127,322				131,000		127,322
EnLink Midstream Partners, LP		4.15	%		6/1/2025		-		-		238,000		219,344				238,000		219,344
EnLink Midstream Partners, LP		5.05	%		4/1/2045		-		-		58,000		47,392				58,000		47,392
Enterprise Products Operating LLC		1.65	%		5/7/2018		220,000		220,185		-		-				220,000		220,185
Enterprise Products Operating LLC		3.35	%		3/15/2023		-		-		304,000		312,290				304,000		312,290
Enterprise Products Operating LLC		3.75	%		2/15/2025		-		-		110,000		114,728				110,000		114,728
Enterprise Products Operating LLC		3.90	%		2/15/2024		-		-		158,000		167,220				158,000		167,220
Enterprise Products Operating LLC		4.90	%		5/15/2046		-		-		36,000		38,784				36,000		38,784
Enterprise Products Operating LLC		4.95	%		10/15/2054		-		-		46,000		46,487				46,000		46,487
Enterprise Products Operating LLC		5.10	%		2/15/2045		-		-		39,000		42,682				39,000		42,682
Enterprise Products Operating LLC		5.25	%		1/31/2020		-		-		-		-				-		-
Enterprise Products Operating LLC		5.75	%		3/1/2035		-		-		200,000		220,689				200,000		220,689
Enterprise Products Operating LLC		5.95	%		2/1/2041		-		-		36,000		42,246				36,000		42,246
EOG Resources, Inc.		2.63	%		3/15/2023		-		-		36,000		35,861				36,000		35,861
EOG Resources, Inc.		5.10	%		1/15/2036		-		-		157,000		179,155				157,000		179,155
Exxon Mobil Corp.		1.71	%		3/1/2019		260,000		264,224		-		-				260,000		264,224
Exxon Mobil Corp.		2.40	%		3/6/2022		-		-		300,000		307,679				300,000		307,679
Exxon Mobil Corp.		2.73	%		3/1/2023		-		-		235,000		245,342				235,000		245,342
Exxon Mobil Corp.		4.11	%		3/1/2046		-		-		128,000		144,361				128,000		144,361
Hess Corp.		7.88	%		10/1/2029		-		-		25,000		29,775				25,000		29,775
Kerr-McGee Corp.		7.88	%		9/15/2031		-		-		250,000		297,863				250,000		297,863
Kinder Morgan, Inc.		2.00	%		12/1/2017		186,000		185,005		-		-				186,000		185,005
Magellan Midstream Partners, LP		3.20	%		3/15/2025		-		-		68,000		67,480				68,000		67,480
Magellan Midstream Partners, LP		4.25	%		2/1/2021		-		-		167,000		180,726				167,000		180,726
Magellan Midstream Partners, LP		5.15	%		10/15/2043		-		-		178,000		189,925				178,000		189,925
Marathon Oil Corp.		2.80	%		11/1/2022		-		-		160,000		145,108				160,000		145,108
Marathon Oil Corp.		6.60	%		10/1/2037		-		-		130,000		131,420				130,000		131,420
Marathon Petroleum Corp.		3.63	%		9/15/2024		-		-		145,000		142,389				145,000		142,389
Noble Energy, Inc.		4.15	%		12/15/2021		-		-		120,000		126,177				120,000		126,177
Noble Energy, Inc.		5.05	%		11/15/2044		-		-		100,000		100,703				100,000		100,703
Noble Energy, Inc.		5.63	%		5/1/2021		-		-		74,000		77,085				74,000		77,085
Occidental Petroleum Corp.		2.70	%		2/15/2023		-		-		40,000		40,669				40,000		40,669
Occidental Petroleum Corp.		3.40	%		4/15/2026		-		-		46,000		48,516				46,000		48,516
Occidental Petroleum Corp.		3.50	%		6/15/2025		-		-		91,000		96,162				91,000		96,162
Occidental Petroleum Corp.		4.63	%		6/15/2045		-		-		39,000		43,490				39,000		43,490
ONEOK Partners, LP		3.20	%		9/15/2018		-		-		105,000		106,104				105,000		106,104
ONEOK Partners, LP		3.38	%		10/1/2022		-		-		95,000		92,948				95,000		92,948
ONEOK Partners, LP		4.90	%		3/15/2025		-		-		470,000		492,878				470,000		492,878
ONEOK Partners, LP		6.65	%		10/1/2036		-		-		210,000		219,792				210,000		219,792
Petrobras Global Finance BV		7.88	%		3/15/2019		-		-		100,000		103,250				100,000		103,250
Petro-Canada		6.05	%		5/15/2018		-		-		40,000		43,019				40,000		43,019
Petro-Canada		6.80	%		5/15/2038		-		-		50,000		65,041				50,000		65,041
Petroleos Mexicanos		4.25	%		1/15/2025		-		-		67,000		64,521				67,000		64,521
Petroleos Mexicanos		4.50	%		1/23/2026		-		-		205,000		197,292				205,000		197,292
Petroleos Mexicanos		4.88	%		1/18/2024		-		-		44,000		44,607				44,000		44,607
Petroleos Mexicanos		5.63	%		1/23/2046		-		-		129,000		117,583				129,000		117,583
Petroleos Mexicanos		6.38	%		1/23/2045		-		-		106,000		106,530				106,000		106,530
Petroleos Mexicanos		6.38	%		2/4/2021		-		-		112,000		121,778				112,000		121,778
Petroleos Mexicanos		6.88	%		8/4/2026		-		-		120,000		134,160				120,000		134,160
Phillips 66		2.95	%		5/1/2017		-		-		33,000		33,483				33,000		33,483
Phillips 66		4.30	%		4/1/2022		-		-		17,000		18,567				17,000		18,567
Plains All American Pipeline, LP / PAA Finance Corp.		2.60	%		12/15/2019		-		-		71,000		69,170				71,000		69,170
Plains All American Pipeline, LP / PAA Finance Corp.		3.60	%		11/1/2024		-		-		250,000		234,774				250,000		234,774
Plains All American Pipeline, LP / PAA Finance Corp.		4.65	%		10/15/2025		-		-		350,000		353,376				350,000		353,376
Plains All American Pipeline, LP / PAA Finance Corp.		4.90	%		2/15/2045		-		-		162,000		144,817				162,000		144,817
Shell International Finance BV		1.13	%		8/21/2017		-		-		85,000		85,257				85,000		85,257
Shell International Finance BV		1.38	%		5/10/2019		225,000		225,782		-		-				225,000		225,782
Shell International Finance BV		1.63	%		11/10/2018		141,000		142,430		-		-				141,000		142,430
Shell International Finance BV		2.13	%		5/11/2020		110,000		112,269		175,000		178,610				285,000		290,879
Shell International Finance BV		2.88	%		5/10/2026		-		-		440,000		447,032				440,000		447,032
Shell International Finance BV		4.00	%		5/10/2046		-		-		444,000		452,839				444,000		452,839
Shell International Finance BV		4.13	%		5/11/2035		-		-		253,000		272,831				253,000		272,831
Shell International Finance BV		6.38	%		12/15/2038		-		-		150,000		203,768				150,000		203,768
Sinopec Group Overseas Development, Ltd.		4.38	%		10/17/2023		-		-		208,000		224,533				208,000		224,533
Spectra Energy Capital LLC		3.30	%		3/15/2023		-		-		130,000		124,938				130,000		124,938
Spectra Energy Capital LLC		5.65	%		3/1/2020		-		-		150,000		160,736				150,000		160,736
Spectra Energy Capital LLC		7.50	%		9/15/2038		-		-		140,000		160,303				140,000		160,303
Spectra Energy Capital LLC		8.00	%		10/1/2019		-		-		120,000		137,762				120,000		137,762
Spectra Energy Partners, LP		2.95	%		9/25/2018		-		-		80,000		81,534				80,000		81,534
Spectra Energy Partners, LP		3.50	%		3/15/2025		-		-		125,000		127,878				125,000		127,878
Spectra Energy Partners, LP		5.95	%		9/25/2043		-		-		63,000		74,485				63,000		74,485
Statoil ASA		1.15	%		5/15/2018		-		-		167,000		167,150				167,000		167,150
Statoil ASA		1.25	%		11/9/2017		162,000		162,402		-		-				162,000		162,402
Statoil ASA		1.95	%		11/8/2018		118,000		119,603		-		-				118,000		119,603
Statoil ASA		2.65	%		1/15/2024		-		-		214,000		215,985				214,000		215,985
Statoil ASA		2.75	%		11/10/2021		-		-		31,000		32,413				31,000		32,413
Statoil ASA		3.15	%		1/23/2022		-		-		33,000		34,646				33,000		34,646
Statoil ASA		3.25	%		11/10/2024		-		-		107,000		112,997				107,000		112,997
Statoil ASA		4.25	%		11/23/2041		-		-		27,000		28,421				27,000		28,421
Suncor Energy, Inc.		3.60	%		12/1/2024		-		-		210,000		220,852				210,000		220,852
Sunoco Logistics Partners Operations, LP		4.25	%		4/1/2024		-		-		47,000		47,476				47,000		47,476
Sunoco Logistics Partners Operations, LP		4.95	%		1/15/2043		-		-		198,000		183,083				198,000		183,083
Sunoco Logistics Partners Operations, LP		5.30	%		4/1/2044		-		-		50,000		49,194				50,000		49,194
Sunoco Logistics Partners Operations, LP		5.35	%		5/15/2045		-		-		133,000		131,794				133,000		131,794
Sunoco Logistics Partners Operations, LP		5.50	%		2/15/2020		-		-		180,000		193,938				180,000		193,938
Sunoco Logistics Partners Operations, LP		5.95	%		12/1/2025		-		-		100,000		112,286				100,000		112,286
Tosco Corp.		7.80	%		1/1/2027		-		-		100,000		126,650				100,000		126,650
Total Capital Canada, Ltd.		2.75	%		7/15/2023		-		-		70,000		71,944				70,000		71,944
Total Capital International SA		1.50	%		2/17/2017		-		-		55,000		55,163				55,000		55,163
Total Capital International SA		1.55	%		6/28/2017		-		-		66,000		66,343				66,000		66,343
Total Capital International SA		2.70	%		1/25/2023		-		-		150,000		154,275				150,000		154,275
Total Capital International SA		2.75	%		6/19/2021		-		-		250,000		259,880				250,000		259,880
Total Capital International SA		3.75	%		4/10/2024		-		-		29,000		31,920				29,000		31,920
TransCanada PipeLines, Ltd.		1.88	%		1/12/2018		132,000		132,633		51,000		51,245				183,000		183,878
TransCanada PipeLines, Ltd.		3.13	%		1/15/2019		-		-		112,000		115,672				112,000		115,672
TransCanada PipeLines, Ltd.		3.75	%		10/16/2023		-		-		100,000		107,058				100,000		107,058
TransCanada PipeLines, Ltd.		4.88	%		1/15/2026		-		-		162,000		185,003				162,000		185,003
TransCanada PipeLines, Ltd.		6.20	%		10/15/2037		-		-		100,000		122,426				100,000		122,426
TransCanada PipeLines, Ltd.		7.13	%		1/15/2019		-		-		70,000		78,786				70,000		78,786
Western Gas Partners, LP		4.65	%		7/1/2026		-		-		76,000		76,685				76,000		76,685
Western Gas Partners, LP		5.38	%		6/1/2021		-		-		69,000		72,750				69,000		72,750
Western Gas Partners, LP		5.45	%		4/1/2044		-		-		118,000		110,663				118,000		110,663

24

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
Pharmaceuticals
Actavis Funding SCS		2.35	%		3/12/2018	$	215,000	$	217,930	$	-	$	-			$	215,000	$	217,930
Actavis Funding SCS		3.45	%		3/15/2022		-		-		302,000		313,645				302,000		313,645
Actavis Funding SCS		4.55	%		3/15/2035		-		-		217,000		223,015				217,000		223,015
Actavis, Inc.		3.25	%		10/1/2022		-		-		38,000		38,824				38,000		38,824
Allergan, Inc.		2.80	%		3/15/2023		-		-		250,000		248,572				250,000		248,572
Allergan, Inc.		3.38	%		9/15/2020		-		-		91,000		94,900				91,000		94,900
AstraZeneca PLC		1.75	%		11/16/2018		160,000		162,113		-		-				160,000		162,113
Baxalta, Inc.		2.00	%		6/22/2018		170,000		170,087		-		-				170,000		170,087
Baxalta, Inc.		3.60	%		6/23/2022		-		-		67,000		69,149				67,000		69,149
Baxalta, Inc.		5.25	%		6/23/2045		-		-		28,000		30,370				28,000		30,370
Bayer US Finance LLC		1.50	%		10/6/2017		200,000		200,186		-		-				200,000		200,186
Bayer US Finance LLC		3.38	%		10/8/2024		-		-		200,000		207,899				200,000		207,899
ELI Lilly & Co.		1.25	%		3/1/2018		125,000		125,939		-		-				125,000		125,939
Forest Laboratories LLC		5.00	%		12/15/2021		-		-		139,000		155,560				139,000		155,560
Johnson & Johnson		3.55	%		3/1/2036		-		-		90,000		99,432				90,000		99,432
Merck & Co., Inc.		2.35	%		2/10/2022		-		-		86,000		88,588				86,000		88,588
Merck & Co., Inc.		2.40	%		9/15/2022		-		-		62,000		63,760				62,000		63,760
Merck & Co., Inc.		2.80	%		5/18/2023		-		-		94,000		98,682				94,000		98,682
Merck & Co., Inc.		3.70	%		2/10/2045		-		-		20,000		21,193				20,000		21,193
Mylan NV		2.50	%		6/7/2019		162,000		164,151		-		-				162,000		164,151
Mylan NV		3.95	%		6/15/2026		-		-		93,000		94,115				93,000		94,115
Mylan NV		5.25	%		6/15/2046		-		-		64,000		66,668				64,000		66,668
Mylan, Inc.		3.13	%		1/15/2023		-		-		50,000		49,650				50,000		49,650
Pfizer, Inc.		1.10	%		5/15/2017		249,000		249,542		-		-				249,000		249,542
Pfizer, Inc.		1.45	%		6/3/2019		159,000		160,324		-		-				159,000		160,324
Sanofi		1.25	%		4/10/2018		240,000		241,481		-		-				240,000		241,481
Zoetis, Inc.		1.88	%		2/1/2018		172,000		172,504		26,000		26,076				198,000		198,580
Zoetis, Inc.		3.25	%		2/1/2023		-		-		130,000		132,473				130,000		132,473
Zoetis, Inc.		3.45	%		11/13/2020		-		-		37,000		38,198				37,000		38,198
Zoetis, Inc.		4.50	%		11/13/2025		-		-		70,000		77,199				70,000		77,199
Zoetis, Inc.		4.70	%		2/1/2043		-		-		26,000		25,762				26,000		25,762
Professional Services
Equifax, Inc.		2.30	%		6/1/2021		-		-		57,000		57,806				57,000		57,806
Real Estate Investment Trusts
American Tower Corp.		3.38	%		10/15/2026		-		-		100,000		100,520				100,000		100,520
American Tower Corp.		3.50	%		1/31/2023		-		-		100,000		103,475				100,000		103,475
American Tower Corp.		4.70	%		3/15/2022		-		-		70,000		77,247				70,000		77,247
American Tower Corp.		5.00	%		2/15/2024		-		-		57,000		64,467				57,000		64,467
AvalonBay Communities, Inc.		2.85	%		3/15/2023		-		-		130,000		132,061				130,000		132,061
Boston Properties, LP		3.65	%		2/1/2026		-		-		74,000		78,863				74,000		78,863
Crown Castle International Corp.		4.88	%		4/15/2022		-		-		130,000		142,766				130,000		142,766
Crown Castle International Corp.		5.25	%		1/15/2023		-		-		70,000		78,544				70,000		78,544
Duke Realty, LP		3.25	%		6/30/2026		-		-		43,000		43,597				43,000		43,597
Equity Commonwealth		5.88	%		9/15/2020		-		-		312,000		346,431				312,000		346,431
ERP Operating, LP		3.00	%		4/15/2023		-		-		50,000		51,350				50,000		51,350
ERP Operating, LP		4.63	%		12/15/2021		-		-		46,000		51,944				46,000		51,944
HCP, Inc.		2.63	%		2/1/2020		-		-		76,000		76,609				76,000		76,609
HCP, Inc.		3.40	%		2/1/2025		-		-		95,000		91,858				95,000		91,858
HCP, Inc.		3.88	%		8/15/2024		-		-		176,000		176,976				176,000		176,976
HCP, Inc.		4.20	%		3/1/2024		-		-		30,000		30,898				30,000		30,898
HCP, Inc.		4.25	%		11/15/2023		-		-		58,000		60,193				58,000		60,193
Kilroy Realty, LP		4.80	%		7/15/2018		64,000		67,241		-		-				64,000		67,241
National Retail Properties, Inc.		4.00	%		11/15/2025		-		-		204,000		216,453				204,000		216,453
Prologis, LP		3.75	%		11/1/2025		-		-		32,000		34,107				32,000		34,107
Prologis, LP		4.25	%		8/15/2023		-		-		76,000		84,154				76,000		84,154
Realty Income Corp.		3.25	%		10/15/2022		-		-		390,000		399,949				390,000		399,949
Scentre Group Trust 1 / Scentre Group Trust 2		2.38	%		11/5/2019		188,000		190,776		-		-				188,000		190,776
Simon Property Group, LP		2.15	%		9/15/2017		-		-		167,000		168,747				167,000		168,747
Simon Property Group, LP		3.75	%		2/1/2024		-		-		200,000		218,150				200,000		218,150
Simon Property Group, LP		4.13	%		12/1/2021		-		-		67,000		74,278				67,000		74,278
Ventas Realty, LP		1.25	%		4/17/2017		205,000		205,057		-		-				205,000		205,057
Ventas Realty, LP		3.50	%		2/1/2025		-		-		54,000		55,354				54,000		55,354
Ventas Realty, LP		3.75	%		5/1/2024		-		-		44,000		45,992				44,000		45,992
Ventas Realty, LP		4.13	%		1/15/2026		-		-		45,000		48,359				45,000		48,359
Ventas Realty, LP / Ventas Capital Corp.		3.25	%		8/15/2022		-		-		170,000		175,690				170,000		175,690
WEA Finance LLC / Westfield UK & Europe Finance PLC		1.75	%		9/15/2017		200,000		200,578		-		-				200,000		200,578
Welltower, Inc.		4.00	%		6/1/2025		-		-		74,000		77,775				74,000		77,775
Welltower, Inc.		4.25	%		4/1/2026		-		-		200,000		215,006				200,000		215,006
Welltower, Inc.		4.50	%		1/15/2024		-		-		73,000		79,159				73,000		79,159
Road & Rail
Burlington Northern Santa Fe LLC		3.00	%		3/15/2023		-		-		50,000		52,583				50,000		52,583
Burlington Northern Santa Fe LLC		3.05	%		3/15/2022		-		-		87,000		92,751				87,000		92,751
Burlington Northern Santa Fe LLC		3.45	%		9/15/2021		-		-		22,000		23,842				22,000		23,842
Burlington Northern Santa Fe LLC		3.60	%		9/1/2020		-		-		25,000		26,863				25,000		26,863
Burlington Northern Santa Fe LLC		3.75	%		4/1/2024		-		-		124,000		137,011				124,000		137,011
Burlington Northern Santa Fe LLC		4.38	%		9/1/2042		-		-		88,000		97,840				88,000		97,840
Burlington Northern Santa Fe LLC		5.15	%		9/1/2043		-		-		154,000		187,953				154,000		187,953
Burlington Northern Santa Fe LLC		5.65	%		5/1/2017		-		-		50,000		51,934				50,000		51,934
Burlington Northern Santa Fe LLC		6.70	%		8/1/2028		-		-		50,000		68,417				50,000		68,417
Canadian Pacific Railway Co.		2.90	%		2/1/2025		-		-		208,000		211,218				208,000		211,218
Canadian Pacific Railway Co.		4.50	%		1/15/2022		-		-		370,000		408,222				370,000		408,222
Canadian Pacific Railway Co.		6.13	%		9/15/2115		-		-		27,000		33,661				27,000		33,661
Canadian Pacific Railway Co.		7.13	%		10/15/2031		-		-		50,000		70,049				50,000		70,049
CSX Corp.		3.40	%		8/1/2024		-		-		350,000		376,159				350,000		376,159
CSX Corp.		3.95	%		5/1/2050		-		-		42,000		42,040				42,000		42,040
CSX Corp.		4.10	%		3/15/2044		-		-		16,000		17,093				16,000		17,093
CSX Corp.		4.25	%		6/1/2021		-		-		22,000		24,107				22,000		24,107
CSX Corp.		5.50	%		4/15/2041		-		-		37,000		47,391				37,000		47,391
CSX Corp.		7.90	%		5/1/2017		-		-		60,000		63,325				60,000		63,325
Norfolk Southern Corp.		3.25	%		12/1/2021		-		-		55,000		58,152				55,000		58,152
Norfolk Southern Corp.		3.95	%		10/1/2042		-		-		35,000		36,111				35,000		36,111
Norfolk Southern Corp.		6.00	%		3/15/2105		-		-		140,000		168,240				140,000		168,240
Norfolk Southern Corp.		6.00	%		5/23/2111		-		-		150,000		184,879				150,000		184,879
Union Pacific Corp.		2.95	%		1/15/2023		-		-		16,000		16,940				16,000		16,940
Union Pacific Corp.		3.65	%		2/15/2024		-		-		37,000		40,910				37,000		40,910
Union Pacific Corp.		4.16	%		7/15/2022		-		-		7,000		7,878				7,000		7,878
Union Pacific Corp.		4.30	%		6/15/2042		-		-		20,000		22,118				20,000		22,118
Union Pacific Railroad Co. Pass-Through Trust		2.70	%		5/12/2027		-		-		289,699		289,829				289,699		289,829
Union Pacific Railroad Co. Pass-Through Trust		4.70	%		1/2/2024		-		-		53,474		57,484				53,474		57,484

25

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
Semiconductors & Semiconductor Equipment
Altera Corp.		1.75	%		5/15/2017	$	191,000	$	192,567	$	-	$	-			$	191,000	$	192,567
Applied Materials, Inc.		2.63	%		10/1/2020		350,000		363,919		-		-				350,000		363,919
Intel Corp.		1.35	%		12/15/2017		260,000		261,541		-		-				260,000		261,541
Intel Corp.		3.10	%		7/29/2022		-		-		40,000		42,829				40,000		42,829
Intel Corp.		3.30	%		10/1/2021		-		-		46,000		49,870				46,000		49,870
Intel Corp.		3.70	%		7/29/2025		-		-		107,000		118,847				107,000		118,847
Intel Corp.		4.00	%		12/15/2032		-		-		221,000		239,089				221,000		239,089
KLA-Tencor Corp.		2.38	%		11/1/2017		162,000		163,381		-		-				162,000		163,381
Qualcomm, Inc.		1.40	%		5/18/2018		110,000		110,978		-		-				110,000		110,978
Texas Instruments, Inc.		1.65	%		8/3/2019		-		-		183,000		185,409				183,000		185,409
Software
Intuit, Inc.		5.75	%		3/15/2017		-		-		215,000		221,999				215,000		221,999
Microsoft Corp.		0.88	%		11/15/2017		-		-		23,000		23,030				23,000		23,030
Microsoft Corp.		1.30	%		11/3/2018		250,000		252,271		-		-				250,000		252,271
Microsoft Corp.		2.13	%		11/15/2022		-		-		34,000		34,546				34,000		34,546
Microsoft Corp.		2.38	%		5/1/2023		-		-		146,000		149,787				146,000		149,787
Microsoft Corp.		2.38	%		2/12/2022		-		-		60,000		61,922				60,000		61,922
Microsoft Corp.		3.50	%		2/12/2035		-		-		55,000		56,907				55,000		56,907
Microsoft Corp.		3.63	%		12/15/2023		-		-		111,000		123,017				111,000		123,017
Microsoft Corp.		4.00	%		2/12/2055		-		-		57,000		57,481				57,000		57,481
Microsoft Corp.		4.20	%		11/3/2035		-		-		103,000		116,657				103,000		116,657
Microsoft Corp.		4.75	%		11/3/2055		-		-		109,000		123,327				109,000		123,327
Oracle Corp.		1.20	%		10/15/2017		260,000		260,921		-		-				260,000		260,921
Oracle Corp.		2.40	%		9/15/2023		-		-		101,000		101,360				101,000		101,360
Oracle Corp.		2.80	%		7/8/2021		-		-		281,000		294,944				281,000		294,944
Oracle Corp.		2.95	%		5/15/2025		-		-		450,000		467,680				450,000		467,680
Oracle Corp.		3.85	%		7/15/2036		-		-		200,000		200,519				200,000		200,519
Oracle Corp.		4.30	%		7/8/2034		-		-		407,000		432,854				407,000		432,854
Oracle Corp.		5.75	%		4/15/2018		-		-		100,000		108,255				100,000		108,255
Oracle Corp.		6.13	%		7/8/2039		-		-		82,000		107,210				82,000		107,210
Oracle Corp.		6.50	%		4/15/2038		-		-		30,000		40,849				30,000		40,849
Specialty Retail
AutoZone, Inc.		1.63	%		4/21/2019		100,000		100,520		-		-				100,000		100,520
Bed Bath & Beyond, Inc.		4.92	%		8/1/2034		-		-		323,000		300,037				323,000		300,037
Gap, Inc.		5.95	%		4/12/2021		-		-		50,000		52,149				50,000		52,149
Home Depot, Inc.		2.63	%		6/1/2022		-		-		40,000		41,862				40,000		41,862
Home Depot, Inc.		3.00	%		4/1/2026		-		-		53,000		56,327				53,000		56,327
Home Depot, Inc.		4.25	%		4/1/2046		-		-		121,000		138,719				121,000		138,719
Lowe’s Cos., Inc.		3.13	%		9/15/2024		-		-		75,000		80,500				75,000		80,500
Lowe’s Cos., Inc.		3.38	%		9/15/2025		-		-		119,000		130,131				119,000		130,131
Lowe’s Cos., Inc.		4.65	%		4/15/2042		-		-		54,000		62,925				54,000		62,925
Lowe’s Cos., Inc.		5.13	%		11/15/2041		-		-		33,000		40,612				33,000		40,612
Lowe’s Cos., Inc.		5.50	%		10/15/2035		-		-		150,000		186,951				150,000		186,951
Technology Hardware, Storage & Peripherals
Apple, Inc.		0.89	%		5/3/2018		-		-		138,000		138,210				138,000		138,210
Apple, Inc.		2.15	%		2/9/2022		-		-		273,000		278,233				273,000		278,233
Apple, Inc.		2.40	%		5/3/2023		-		-		256,000		260,698				256,000		260,698
Apple, Inc.		2.85	%		5/6/2021		-		-		252,000		266,150				252,000		266,150
Apple, Inc.		2.85	%		2/23/2023		-		-		80,000		84,065				80,000		84,065
Apple, Inc.		3.20	%		5/13/2025		-		-		192,000		203,563				192,000		203,563
Apple, Inc.		3.45	%		2/9/2045		-		-		125,000		117,456				125,000		117,456
Apple, Inc.		4.50	%		2/23/2036		-		-		85,000		95,667				85,000		95,667
Dell, Inc.		7.10	%		4/15/2028		-		-		25,000		24,500				25,000		24,500
Diamond 1 Finance Corp. / Diamond 2 Finance Corp.		3.48	%		6/1/2019		409,000		418,984		-		-				409,000		418,984
Diamond 1 Finance Corp. / Diamond 2 Finance Corp.		4.42	%		6/15/2021		-		-		115,000		118,366				115,000		118,366
Diamond 1 Finance Corp. / Diamond 2 Finance Corp.		5.45	%		6/15/2023		-		-		146,000		151,486				146,000		151,486
Diamond 1 Finance Corp. / Diamond 2 Finance Corp.		6.02	%		6/15/2026		-		-		129,000		134,481				129,000		134,481
Hewlett Packard Enterprise Co.		2.45	%		10/5/2017		91,000		92,179		-		-				91,000		92,179
Hewlett Packard Enterprise Co.		2.85	%		10/5/2018		68,000		69,636		-		-				68,000		69,636
HP, Inc.		4.38	%		9/15/2021		-		-		24,000		25,852				24,000		25,852
HP, Inc.		6.00	%		9/15/2041		-		-		82,000		78,566				82,000		78,566
NetApp, Inc.		2.00	%		12/15/2017		200,000		200,907		-		-				200,000		200,907
Tobacco
Altria Group, Inc.		2.63	%		1/14/2020		213,000		221,423		-		-				213,000		221,423
BAT International Finance PLC		1.85	%		6/15/2018		180,000		181,967		-		-				180,000		181,967
Philip Morris International, Inc.		1.25	%		11/9/2017		240,000		240,871		-		-				240,000		240,871
Reynolds American, Inc.		2.30	%		6/12/2018		150,000		152,406		-		-				150,000		152,406
Reynolds American, Inc.		3.50	%		8/4/2016		90,000		90,186		-		-				90,000		90,186
Trading Companies & Distributors
Air Lease Corp.		2.13	%		1/15/2018		183,000		182,085		-		-				183,000		182,085
Air Lease Corp.		3.88	%		4/1/2021		-		-		130,000		133,900				130,000		133,900
WW Grainger, Inc.		4.60	%		6/15/2045		-		-		128,000		151,884				128,000		151,884

26

						Voya Limited Maturity Bond VP					JPMorgan Core Bond VP					Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value			Principal		Value			Principal	Value	Principal		Value
Transportation Infrastructure
Penske Truck Leasing Co., LP / PTL Finance Corp.		2.88	%		7/17/2018	$	-	$	-		$	53,000	$	53,976				$	53,000	$	53,976
Penske Truck Leasing Co., LP / PTL Finance Corp.		3.38	%		2/1/2022		-		-			277,000		282,483					277,000		282,483
Penske Truck Leasing Co., LP / PTL Finance Corp.		4.25	%		1/17/2023		-		-			100,000		104,710					100,000		104,710
Ryder System, Inc.		2.50	%		3/1/2017		-		-			23,000		23,154					23,000		23,154
Ryder System, Inc.		2.50	%		3/1/2018		-		-			25,000		25,375					25,000		25,375
Ryder System, Inc.		2.50	%		5/11/2020		-		-			113,000		114,359					113,000		114,359
Ryder System, Inc.		2.65	%		3/2/2020		-		-			79,000		80,007					79,000		80,007
Ryder System, Inc.		2.88	%		9/1/2020		-		-			69,000		70,189					69,000		70,189
Water Utilities
American Water Capital Corp.		3.40	%		3/1/2025		-		-			183,000		198,424					183,000		198,424
Wireless Telecommunication Services
America Movil SAB de CV		6.13	%		3/30/2040		-		-			100,000		122,610					100,000		122,610
Crown Castle Towers LLC		3.22	%		5/15/2042		-		-			125,000		129,922					125,000		129,922
Rogers Communications, Inc.		3.63	%		12/15/2025		-		-			76,000		81,196					76,000		81,196
Rogers Communications, Inc.		4.10	%		10/1/2023		-		-			176,000		195,540					176,000		195,540
Rogers Communications, Inc.		8.75	%		5/1/2032		-		-			50,000		70,690					50,000		70,690
Vodafone Group PLC		1.50	%		2/19/2018		-		-			125,000		124,934					125,000		124,934
Vodafone Group PLC		5.63	%		2/27/2017		155,000		159,345			-		-					155,000		159,345
Vodafone Group PLC		6.25	%		11/30/2032		-		-			180,000		207,033					180,000		207,033
Total Corporate Debt Securities									41,383,322					153,958,990							195,342,312
								($	Total Cost 40,975,054	)			($	Total Cost 147,658,939	)					($	Total Cost 188,633,993	)
Foreign Government Obligations - 1.0 %
Canada
Province of Ontario		1.65	%		9/27/2019		-		-			173,000		175,345					173,000		175,345
Colombia
Colombia Government International Bond		4.50	%		1/28/2026		-		-			200,000		213,000					200,000		213,000
Colombia Government International Bond		5.00	%		6/15/2045		-		-			200,000		207,500					200,000		207,500
Israel
Israel Government AID Bond		0.00	%		2/15/2024		-		-			1,000,000		859,229					1,000,000		859,229
Israel Government AID Bond		0.00	%		2/15/2025		-		-			1,000,000		833,548					1,000,000		833,548
Israel Government AID Bond		0.00	%		8/15/2023		-		-			980,000		854,033					980,000		854,033
Israel Government AID Bond		0.00	%		8/15/2025		-		-			1,000,000		820,556					1,000,000		820,556
Israel Government AID Bond		0.00	%		2/15/2025		-		-			500,000		416,774					500,000		416,774
Israel Government AID Bond		5.50	%		9/18/2033		-		-			100,000		139,893					100,000		139,893
Israel Government AID Bond, Principal Only STRIPS		0.00	%		8/15/2023		-		-			1,000,000		871,812					1,000,000		871,812
Mexico
Mexico Government International Bond		3.50	%		1/21/2021		-		-			244,000		257,420					244,000		257,420
Mexico Government International Bond		3.60	%		1/30/2025		-		-			414,000		432,630					414,000		432,630
Mexico Government International Bond		4.00	%		10/2/2023		-		-			232,000		249,760					232,000		249,760
Mexico Government International Bond		4.13	%		1/21/2026		-		-			200,000		216,800					200,000		216,800
Mexico Government International Bond		4.75	%		3/8/2044		-		-			60,000		64,650					60,000		64,650
Mexico Government International Bond		5.55	%		1/21/2045		-		-			448,000		536,480					448,000		536,480
Peru
Peru Government International Bond		5.63	%		11/18/2050		-		-			36,000		44,640					36,000		44,640
Poland
Poland Government International Bond		4.00	%		1/22/2024		-		-			133,000		143,640					133,000		143,640
South Africa
South Africa Government International Bond		5.38	%		7/24/2044		-		-			252,000		263,703					252,000		263,703
Supranational
African Development Bank		8.80	%		9/1/2019		-		-			225,000		273,556					225,000		273,556
Turkey
Turkey Government International Bond		4.25	%		4/14/2026		-		-			200,000		203,030					200,000		203,030
Turkey Government International Bond		5.75	%		3/22/2024		-		-			200,000		223,022					200,000		223,022
Total Foreign Government Obligations									-					8,301,021							8,301,021
														Total Cost ($7,760,828	)						Total Cost ($7,760,828	)

27

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
Mortgage-Backed Securities - 4.5 %
A10 Securitization LLC		2.10	%		4/15/2034	$	-	$	-	$	381,810	$	380,583			$	381,810	$	380,583
A10 Securitization LLC		2.40	%		11/15/2025		-		-		2,842		2,841				2,842		2,841
A10 Term Asset Financing LLC		1.72	%		4/15/2033		-		-		169,693		168,682				169,693		168,682
A10 Term Asset Financing LLC		2.62	%		11/15/2027		-		-		239,211		237,974				239,211		237,974
A10 Term Asset Financing LLC		3.02	%		4/15/2033		-		-		301,000		296,297				301,000		296,297
A10 Term Asset Financing LLC		4.38	%		11/15/2027		-		-		250,000		245,775				250,000		245,775
Access Point Funding Trust		6.25	%		2/16/2021		-		-		642,715		642,715				642,715		642,715
Ajax Mortgage Loan Trust		3.50	%		2/25/2051		-		-		257,425		255,482				257,425		255,482
Ajax Mortgage Loan Trust		3.50	%		2/25/2051		-		-		199,774		198,510				199,774		198,510
Ajax Mortgage Loan Trust		3.75	%		10/25/2057		-		-		385,102		383,523				385,102		383,523
Ajax Mortgage Loan Trust		3.88	%		7/25/2060		-		-		233,168		230,807				233,168		230,807
Alternative Loan Trust		5.50	%		8/25/2035		-		-		256,175		231,528				256,175		231,528
Alternative Loan Trust		5.50	%		11/25/2035		-		-		91,158		79,765				91,158		79,765
Alternative Loan Trust		5.75	%		3/25/2034		-		-		365,220		362,417				365,220		362,417
Alternative Loan Trust, Interest Only STRIPS		4.30	%		7/25/2035		-		-		428,208		62,516				428,208		62,516
Alternative Loan Trust, Interest Only STRIPS		4.62	%		6/25/2035		-		-		751,381		132,478				751,381		132,478
Alternative Loan Trust, Interest Only STRIPS		4.65	%		2/25/2035		-		-		206,295		13,045				206,295		13,045
Angel Oak Mortgage Trust LLC		4.50	%		11/25/2045		-		-		315,915		316,894				315,915		316,894
ASG Resecuritization Trust		2.35	%		3/26/2037		-		-		70,397		69,847				70,397		69,847
ASG Resecuritization Trust		2.51	%		6/26/2037		-		-		31,826		31,612				31,826		31,612
BAMLL Commercial Mortgage Securities Trust		2.96	%		12/10/2030		-		-		100,000		104,707				100,000		104,707
BAMLL Commercial Mortgage Securities Trust		4.35	%		8/15/2046		-		-		200,000		195,431				200,000		195,431
Banc of America Alternative Loan Trust		5.00	%		9/25/2018		-		-		7,344		7,362				7,344		7,362
Banc of America Alternative Loan Trust		5.50	%		9/25/2033		-		-		147,107		148,352				147,107		148,352
Banc of America Commercial Mortgage Trust		5.41	%		9/10/2047		-		-		175,859		176,445				175,859		176,445
Banc of America Commercial Mortgage Trust		5.43	%		1/15/2049		115,832		117,294		-		-				115,832		117,294
Banc of America Commercial Mortgage Trust		5.49	%		2/10/2051		-		-		252,413		259,796				252,413		259,796
Banc of America Commercial Mortgage Trust		5.72	%		6/10/2049		29,509		29,994		-		-				29,509		29,994
Banc of America Commercial Mortgage Trust		5.72	%		6/10/2049		21,524		22,070		-		-				21,524		22,070
Banc of America Commercial Mortgage Trust		5.89	%		7/10/2044		-		-		21,226		21,202				21,226		21,202
Banc of America Funding Trust		2.89	%		3/20/2035		-		-		147,394		145,155				147,394		145,155
Banc of America Funding Trust		5.08	%		8/26/2035		-		-		27,290		27,379				27,290		27,379
Banc of America Funding Trust, Principal Only STRIPS		0.00	%		1/25/2036		-		-		11,804		8,161				11,804		8,161
Banc of America Funding Trust, Principal Only STRIPS		0.00	%		3/25/2034		-		-		29,849		24,165				29,849		24,165
Banc of America Funding Trust, Principal Only STRIPS		0.00	%		11/25/2035		-		-		34,277		27,433				34,277		27,433
Banc of America Merrill Lynch Commercial Mortgage, Inc.		4.73	%		7/10/2043		-		-		7,441		7,417				7,441		7,417
Banc of America Mortgage Trust		2.90	%		11/25/2033		-		-		110,043		109,493				110,043		109,493
Banc of America Mortgage Trust		5.50	%		4/25/2034		-		-		25,063		25,207				25,063		25,207
Banc of America Re-REMIC Trust		5.81	%		2/24/2051		122,475		123,382		-		-				122,475		123,382
BB-UBS Trust		2.89	%		6/5/2030		-		-		350,000		358,543				350,000		358,543
BB-UBS Trust		3.43	%		11/5/2036		-		-		550,000		585,297				550,000		585,297
BCAP LLC Trust		0.67	%		6/26/2047		-		-		113,533		110,151				113,533		110,151
BCAP LLC Trust		0.68	%		2/26/2037		-		-		184,469		178,291				184,469		178,291
BCAP LLC Trust		1.39	%		9/26/2037		-		-		210,614		203,252				210,614		203,252
BCAP LLC Trust		2.38	%		5/26/2037		-		-		86,027		85,729				86,027		85,729
BCAP LLC Trust		2.56	%		7/26/2045		-		-		128,052		127,109				128,052		127,109
Bear Stearns Alt-A Trust		1.09	%		7/25/2034		-		-		353,370		335,300				353,370		335,300
Bear Stearns ARM Trust		2.58	%		2/25/2036		-		-		122,567		119,429				122,567		119,429
Bear Stearns Commercial Mortgage Securities Trust		5.06	%		9/11/2042		210,000		211,265		-		-				210,000		211,265
Bear Stearns Commercial Mortgage Securities Trust		5.47	%		1/12/2045		195,414		198,824		-		-				195,414		198,824
CD Commercial Mortgage Trust		5.29	%		12/11/2049		268,101		272,071		-		-				268,101		272,071
CD Mortgage Trust		5.65	%		10/15/2048		430,000		433,191		-		-				430,000		433,191
CD Mortgage Trust		6.33	%		11/15/2044		230,000		236,464		-		-				230,000		236,464
CD Mortgage Trust		6.33	%		11/15/2044		130,000		133,537		-		-				130,000		133,537
CGBAM Commercial Mortgage Trust		1.24	%		2/15/2031		-		-		166,182		164,664				166,182		164,664
Chase Mortgage Finance Trust		2.71	%		7/25/2037		-		-		64,796		62,785				64,796		62,785
Chase Mortgage Finance Trust		2.89	%		2/25/2037		-		-		149,451		147,235				149,451		147,235
CHL Mortgage Pass-Through Trust		2.75	%		5/20/2034		-		-		32,054		30,282				32,054		30,282
CHL Mortgage Pass-Through Trust		2.76	%		11/25/2035		-		-		197,484		158,495				197,484		158,495
CHL Mortgage Pass-Through Trust		2.94	%		6/25/2034		-		-		33,365		32,556				33,365		32,556
CHL Mortgage Pass-Through Trust		4.50	%		6/25/2019		-		-		14,648		14,912				14,648		14,912
CHL Mortgage Pass-Through Trust		5.50	%		4/25/2034		-		-		100,555		104,818				100,555		104,818
CHL Mortgage Pass-Through Trust		5.75	%		4/25/2034		-		-		60,333		62,362				60,333		62,362
Citigroup Commercial Mortgage Trust		2.11	%		1/12/2030		-		-		89,819		90,459				89,819		90,459
Citigroup Commercial Mortgage Trust		5.43	%		10/15/2049		126,336		126,579		-		-				126,336		126,579
Citigroup Commercial Mortgage Trust		5.90	%		12/10/2049		394,787		407,301		-		-				394,787		407,301
Citigroup Mortgage Loan Trust		4.00	%		11/25/2036		-		-		79,025		79,239				79,025		79,239
Citigroup Mortgage Loan Trust		4.50	%		12/25/2036		-		-		118,028		118,755				118,028		118,755
Citigroup Mortgage Loan Trust		5.25	%		10/25/2033		-		-		38,535		38,986				38,535		38,986
COBALT CMBS Commercial Mortgage Trust		5.22	%		8/15/2048		-		-		39,248		39,363				39,248		39,363
COBALT CMBS Commercial Mortgage Trust		5.48	%		4/15/2047		252,317		257,023		-		-				252,317		257,023
COMM Mortgage Trust		1.25	%		8/13/2027		-		-		198,000		196,015				198,000		196,015
COMM Mortgage Trust		1.29	%		2/13/2032		-		-		2,015,000		2,002,185				2,015,000		2,002,185
COMM Mortgage Trust		2.05	%		2/13/2032		-		-		500,000		493,958				500,000		493,958
COMM Mortgage Trust		3.09	%		4/12/2035		-		-		125,000		131,254				125,000		131,254
COMM Mortgage Trust		3.76	%		8/10/2048		-		-		422,000		462,824				422,000		462,824
COMM Mortgage Trust		5.54	%		12/11/2049		390,000		392,727		-		-				390,000		392,727
Commercial Mortgage Trust		6.06	%		7/10/2038		-		-		26,993		26,967				26,993		26,967
Credit Suisse First Boston Mortgage Securities Corp.		5.25	%		11/25/2033		-		-		55,881		56,552				55,881		56,552
Credit Suisse First Boston Mortgage Securities Corp.		5.25	%		9/25/2033		-		-		42,601		43,679				42,601		43,679
Credit Suisse First Boston Mortgage Securities Corp.		5.25	%		8/25/2019		-		-		19,210		19,473				19,210		19,473
CSMC Trust		1.45	%		6/28/2047		-		-		457,806		438,978				457,806		438,978
CSMC Trust		2.50	%		7/27/2037		-		-		36,628		36,790				36,628		36,790
CSMC Trust		3.38	%		7/28/2036		-		-		26,456		26,577				26,456		26,577
CSMC Trust		5.34	%		12/15/2043		200,000		201,101		-		-				200,000		201,101
CSMC Trust		5.34	%		12/16/2043		360,000		361,070		-		-				360,000		361,070
CSMC Trust		5.38	%		2/15/2040		279,827		281,708		-		-				279,827		281,708
DBRR Trust		5.89	%		6/17/2049		350,000		355,856		-		-				350,000		355,856
GMACM Mortgage Loan Trust		6.50	%		1/25/2035		-		-		32,512		33,547				32,512		33,547
GS Mortgage Securities Corp. II		2.71	%		12/10/2027		-		-		135,807		138,976				135,807		138,976
GS Mortgage Securities Corp. Trust		2.32	%		1/10/2030		-		-		100,000		100,840				100,000		100,840
GS Mortgage Securities Corp. Trust		3.55	%		4/10/2034		-		-		750,000		811,486				750,000		811,486
GS Mortgage Securities Trust		5.55	%		8/10/2044		-		-		200,000		198,242				200,000		198,242
GS Mortgage Securities Trust		5.56	%		11/10/2039		76,190		76,392		-		-				76,190		76,392
GSMPS Mortgage Loan Trust		0.80	%		9/25/2035		-		-		122,848		99,312				122,848		99,312
GSMPS Mortgage Loan Trust		0.80	%		3/25/2035		-		-		204,294		172,345				204,294		172,345
GSR Mortgage Loan Trust		5.50	%		5/25/2034		-		-		89,783		92,095				89,783		92,095
GSR Mortgage Loan Trust		5.50	%		1/25/2037		-		-		173,217		167,098				173,217		167,098
GSR Mortgage Loan Trust		6.00	%		2/25/2036		-		-		111,456		97,238				111,456		97,238
GSR Mortgage Loan Trust		6.00	%		9/25/2035		-		-		108,244		112,084				108,244		112,084
GSR Mortgage Loan Trust		6.00	%		9/25/2034		-		-		60,920		62,279				60,920		62,279
HILT Mortgage Trust		1.34	%		7/15/2029		-		-		850,000		835,430				850,000		835,430
Homeowner Assistance Program Reverse Mortgage Loan Trust		4.00	%		5/26/2053		-		-		496,844		491,378				496,844		491,378
Impac Secured Assets Trust		0.80	%		5/25/2036		-		-		121,389		108,666				121,389		108,666
Impac Secured Assets Trust		0.80	%		8/25/2036		-		-		29,332		28,572				29,332		28,572
JPMorgan Chase Commercial Mortgage Securities Trust		5.42	%		1/15/2049		206,516		209,610		-		-				206,516		209,610
JPMorgan Chase Commercial Mortgage Securities Trust		5.72	%		2/15/2051		-		-		437,580		451,783				437,580		451,783
JPMorgan Chase Commercial Mortgage Securities Trust		5.81	%		6/12/2043		-		-		7,081		7,072				7,081		7,072
JPMorgan Chase Commercial Mortgage Securities Trust, Interest Only STRIPS		0.58	%		5/15/2045		-		-		1,864,808		615				1,864,808		615
JPMorgan Chase Commercial Mortgage-Backed Securities Trust		5.93	%		6/18/2049		170,000		171,440		-		-				170,000		171,440
JPMorgan Commercial Mortgage-Backed Securities Trust		1.00	%		3/18/2051		100,000		95,591		-		-				100,000		95,591
JPMorgan Mortgage Trust		2.71	%		11/25/2033		-		-		61,074		61,234				61,074		61,234
Ladder Capital Commercial Mortgage Trust		3.99	%		2/15/2036		-		-		154,000		167,897				154,000		167,897
LB-UBS Commercial Mortgage Trust		5.34	%		11/15/2038		99,955		100,452		-		-				99,955		100,452
LB-UBS Commercial Mortgage Trust		5.43	%		2/15/2040		-		-		162,005		164,301				162,005		164,301
LB-UBS Commercial Mortgage Trust		6.25	%		4/15/2041		60,423		63,693		-		-				60,423		63,693
MASTR Adjustable Rate Mortgages Trust		2.59	%		4/25/2034		-		-		38,075		35,214				38,075		35,214

28

						Voya Limited Maturity Bond VP					JPMorgan Core Bond VP					Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value			Principal		Value			Principal	Value	Principal		Value
MASTR Adjustable Rate Mortgages Trust		2.85	%		4/21/2034	$	-	$	-		$	80,093	$	80,123				$	80,093	$	80,123
MASTR Adjustable Rate Mortgages Trust		2.92	%		11/21/2034		-		-			42,159		42,852					42,159		42,852
MASTR Alternative Loan Trust		4.50	%		9/25/2019		-		-			26,242		26,356					26,242		26,356
MASTR Alternative Loan Trust		4.75	%		6/25/2019		-		-			17,645		17,741					17,645		17,741
MASTR Asset Securitization Trust		5.50	%		11/25/2033		-		-			77,062		77,495					77,062		77,495
MASTR Re-REMIC Trust, Principal Only STRIPS		0.00	%		5/28/2035		-		-			39,528		31,223				��	39,528		31,223
Merrill Lynch Mortgage Investors Trust		0.91	%		4/25/2029		-		-			366,916		342,895					366,916		342,895
Merrill Lynch Mortgage Investors Trust		1.07	%		10/25/2028		-		-			493,184		468,625					493,184		468,625
Merrill Lynch Mortgage Investors Trust		2.51	%		12/25/2034		-		-			116,941		116,777					116,941		116,777
Merrill Lynch Mortgage Investors Trust		6.72	%		11/15/2026		20,363		20,372			-		-					20,363		20,372
ML-CFC Commercial Mortgage Trust		5.17	%		12/12/2049		290,364		291,864			-		-					290,364		291,864
ML-CFC Commercial Mortgage Trust		5.38	%		8/12/2048		48,480		48,995			-		-					48,480		48,995
ML-CFC Commercial Mortgage Trust		5.70	%		9/12/2049		119,566		124,372			-		-					119,566		124,372
Morgan Stanley Bank of America Merrill Lynch Trust		3.67	%		2/15/2047		-		-			350,000		372,790					350,000		372,790
Morgan Stanley Capital I Trust		4.05	%		7/15/2049		-		-			100,000		105,234					100,000		105,234
Morgan Stanley Capital I Trust		5.33	%		12/15/2043		37,627		37,725			-		-					37,627		37,725
Morgan Stanley Capital I Trust		5.44	%		2/12/2044		5,411		5,406			-		-					5,411		5,406
Morgan Stanley Capital I Trust		5.44	%		2/12/2044		390,000		389,575			-		-					390,000		389,575
Morgan Stanley Capital I Trust		5.51	%		11/12/2049		82,420		82,997			-		-					82,420		82,997
Morgan Stanley Re-REMIC Trust		0.25	%		7/27/2049		-		-			150,000		133,320					150,000		133,320
Morgan Stanley Re-REMIC Trust		1.00	%		3/27/2051		-		-			115,979		114,529					115,979		114,529
Morgan Stanley Re-REMIC Trust		2.00	%		7/27/2049		-		-			119,629		118,709					119,629		118,709
Morgan Stanley Re-REMIC Trust		5.25	%		12/17/2043		94,278		94,204			-		-					94,278		94,204
Morgan Stanley Re-REMIC Trust		5.99	%		8/12/2045		295,614		300,893			-		-					295,614		300,893
Morgan Stanley Re-REMIC Trust		6.25	%		8/15/2045		170,799		174,237			-		-					170,799		174,237
MortgageIT Trust		1.09	%		2/25/2035		-		-			44,044		42,292					44,044		42,292
Nationstar HECM Loan Trust		2.88	%		11/25/2025		-		-			283,458		283,503					283,458		283,503
Nationstar HECM Loan Trust		4.11	%		11/25/2025		-		-			395,000		396,509					395,000		396,509
Nomura Asset Acceptance Corp. Alternative Loan Trust		6.00	%		5/25/2033		-		-			10,351		10,508					10,351		10,508
Nomura Asset Acceptance Corp. Alternative Loan Trust		7.00	%		4/25/2033		-		-			10,096		10,321					10,096		10,321
PFP, Ltd.		1.88	%		7/14/2034		-		-			276,000		273,631					276,000		273,631
PFP, Ltd.		3.68	%		7/14/2034		240,000		235,833			100,000		98,264					340,000		334,097
PFP, Ltd.		4.43	%		7/14/2034		-		-			100,000		98,568					100,000		98,568
PHH Alternative Mortgage Trust, Interest Only STRIPS		6.00	%		5/25/2037		-		-			254,751		66,008					254,751		66,008
RAIT Trust		1.69	%		12/15/2031		-		-			90,793		89,299					90,793		89,299
RAIT Trust		1.79	%		12/15/2031		-		-			207,042		206,388					207,042		206,388
RAIT Trust		2.59	%		5/13/2031		-		-			300,000		297,386					300,000		297,386
RAIT Trust		4.34	%		1/15/2031		-		-			295,000		294,475					295,000		294,475
RALI Trust		5.00	%		3/25/2019		-		-			40,378		40,159					40,378		40,159
RALI Trust		5.75	%		10/25/2033		-		-			83,002		86,944					83,002		86,944
RALI Trust		15.50	%		2/25/2018		-		-			3,475		3,639					3,475		3,639
RALI Trust		15.67	%		10/25/2017		-		-			2,887		3,010					2,887		3,010
RBS Commercial Funding, Inc.		3.26	%		3/11/2031		-		-			160,000		166,927					160,000		166,927
RBSSP Resecuritization Trust		4.00	%		5/26/2037		-		-			25,327		25,092					25,327		25,092
Resource Capital Corp., Ltd.		1.84	%		8/15/2032		-		-			160,000		157,655					160,000		157,655
Resource Capital Corp., Ltd.		3.44	%		8/15/2032		-		-			153,000		143,820					153,000		143,820
RFMSI Trust, Principal Only STRIPS		0.00	%		6/25/2034		-		-			13,439		11,441					13,439		11,441
Sequoia Mortgage Trust		1.05	%		12/20/2034		-		-			166,740		160,732					166,740		160,732
Sequoia Mortgage Trust		1.13	%		10/20/2034		-		-			289,844		273,605					289,844		273,605
Sequoia Mortgage Trust		1.15	%		9/20/2034		-		-			367,552		347,794					367,552		347,794
Sequoia Mortgage Trust		1.21	%		4/20/2033		-		-			220,892		207,279					220,892		207,279
Springleaf Mortgage Loan Trust		1.27	%		6/25/2058		-		-			110,134		109,898					110,134		109,898
Springleaf Mortgage Loan Trust		1.78	%		12/25/2065		-		-			260,364		260,140					260,364		260,140
Springleaf Mortgage Loan Trust		2.31	%		6/25/2058		-		-			166,000		165,842					166,000		165,842
Springleaf Mortgage Loan Trust		3.14	%		6/25/2058		-		-			108,000		107,848					108,000		107,848
Springleaf Mortgage Loan Trust		3.52	%		12/25/2065		-		-			125,000		124,877					125,000		124,877
Springleaf Mortgage Loan Trust		3.79	%		6/25/2058		-		-			127,000		126,814					127,000		126,814
Springleaf Mortgage Loan Trust		3.79	%		9/25/2057		-		-			153,000		153,689					153,000		153,689
Structured Adjustable Rate Mortgage Loan Trust		2.83	%		2/25/2034		-		-			419,025		414,647					419,025		414,647
Structured Asset Mortgage Investments II Trust		0.70	%		7/19/2035		-		-			202,088		194,507					202,088		194,507
Structured Asset Mortgage Investments II Trust		1.11	%		10/19/2034		-		-			66,212		62,997					66,212		62,997
Structured Asset Mortgage Investments II Trust		1.15	%		1/19/2034		-		-			430,318		413,413					430,318		413,413
Structured Asset Mortgage Investments II Trust		1.15	%		3/19/2034		-		-			405,285		390,005					405,285		390,005
Structured Asset Securities Corp.		5.00	%		5/25/2035		-		-			9,382		9,451					9,382		9,451
Structured Asset Securities Corp. Mortgage Pass-Through Certificates		4.75	%		9/25/2018		-		-			36,064		36,423					36,064		36,423
Structured Asset Securities Corp. Mortgage Pass-Through Certificates		5.50	%		10/25/2033		-		-			80,597		82,219					80,597		82,219
Thornburg Mortgage Securities Trust		2.24	%		12/25/2044		-		-			147,013		144,747					147,013		144,747
TIAA CMBS I Trust		5.77	%		6/19/2033		219,767		222,393			-		-					219,767		222,393
TIAA Seasoned Commercial Mortgage Trust		5.54	%		8/15/2039		240,000		243,020			-		-					240,000		243,020
UBS-BAMLL Trust		3.66	%		6/10/2030		-		-			231,000		245,042					231,000		245,042
UBS-Barclays Commercial Mortgage Trust		3.24	%		4/10/2046		-		-			286,000		303,899					286,000		303,899
UBS-Barclays Commercial Mortgage Trust		3.53	%		5/10/2063		-		-			130,000		140,909					130,000		140,909
UBS-Barclays Commercial Mortgage Trust, Interest Only STRIPS		1.81	%		5/10/2063		-		-			1,004,536		57,283					1,004,536		57,283
VNDO Mortgage Trust		3.00	%		11/15/2030		-		-			544,235		571,387					544,235		571,387
VNDO Mortgage Trust		3.81	%		12/13/2029		-		-			400,000		425,657					400,000		425,657
Wachovia Bank Commercial Mortgage Trust		5.25	%		12/15/2043		171,126		172,236			-		-					171,126		172,236
Wachovia Bank Commercial Mortgage Trust		5.31	%		11/15/2048		318,693		320,059			-		-					318,693		320,059
Wachovia Bank Commercial Mortgage Trust		5.34	%		12/15/2043		10,000		10,159			-		-					10,000		10,159
Wachovia Bank Commercial Mortgage Trust		6.01	%		6/15/2045		13,574		13,555			-		-					13,574		13,555
Wachovia Bank Commercial Mortgage Trust, Interest Only STRIPS		0.17	%		3/15/2045		-		-			814,284		2					814,284		2
WaMu Mortgage Pass-Through Certificates Trust		2.53	%		10/25/2033		-		-			148,947		149,832					148,947		149,832
WaMu Mortgage Pass-Through Certificates Trust		2.60	%		6/25/2033		-		-			49,885		49,610					49,885		49,610
WaMu Mortgage Pass-Through Certificates Trust		2.79	%		6/25/2034		-		-			26,237		26,399					26,237		26,399
WaMu Mortgage Pass-Through Certificates Trust		5.25	%		10/25/2033		-		-			79,966		83,069					79,966		83,069
WaMu Mortgage Pass-Through Certificates Trust		5.50	%		6/25/2033		-		-			70,807		73,065					70,807		73,065
Washington Mutual Mortgage Pass-Through Certificates Trust		5.50	%		6/25/2035		-		-			209,874		194,044					209,874		194,044
Washington Mutual Mortgage Pass-Through Certificates Trust, Interest Only STRIPS		4.60	%		4/25/2035		-		-			685,311		112,509					685,311		112,509
Washington Mutual Mortgage Pass-Through Certificates Trust, Interest Only STRIPS		5.50	%		5/25/2035		-		-			232,702		48,200					232,702		48,200
Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Principal Only STRIPS		0.00	%		3/25/2033		-		-			10,910		9,132					10,910		9,132
Wells Fargo Commercial Mortgage Trust		2.80	%		3/18/2028		-		-			400,000		412,872					400,000		412,872
Wells Fargo Mortgage-Backed Securities Trust		2.62	%		11/25/2033		-		-			19,609		19,594					19,609		19,594
Wells Fargo Mortgage-Backed Securities Trust		2.72	%		6/25/2033		-		-			135,427		135,589					135,427		135,589
Wells Fargo Mortgage-Backed Securities Trust		2.77	%		9/25/2034		-		-			148,592		148,651					148,592		148,651
Wells Fargo Mortgage-Backed Securities Trust		2.83	%		7/25/2034		-		-			119,592		120,779					119,592		120,779
Wells Fargo Mortgage-Backed Securities Trust		2.85	%		2/25/2034		109,433		109,878			-		-					109,433		109,878
Wells Fargo Mortgage-Backed Securities Trust		2.91	%		6/25/2035		-		-			34,011		34,577					34,011		34,577
Wells Fargo Mortgage-Backed Securities Trust		2.98	%		12/25/2034		-		-			131,299		135,168					131,299		135,168
Wells Fargo Mortgage-Backed Securities Trust		2.98	%		10/25/2034		-		-			42,766		42,937					42,766		42,937
Wells Fargo Mortgage-Backed Securities Trust		3.01	%		3/25/2035		-		-			534,515		545,711					534,515		545,711
Wells Fargo Re-REMIC Trust		1.75	%		8/20/2021		-		-			11,795		11,794					11,795		11,794
Total Mortgage-Backed Securities									7,776,408					29,991,110							37,767,518
									Total Cost ($8,000,521	)				Total Cost ($29,488,822	)						Total Cost ($37,489,343	)

29

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP					Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value			Principal	Value	Principal		Value
Municipal Government Obligations - 0.1 %
California
City of Los Angeles Department of Airports		6.58	%		5/15/2039	$	-	$	-	$	65,000	$	90,529				$	65,000	$	90,529
Illinois
State of Illinois		5.10	%		6/1/2033		-		-		200,000		191,990					200,000		191,990
New York
Port Authority of New York & New Jersey		4.46	%		10/1/2062		-		-		225,000		257,416					225,000		257,416
Port Authority of New York & New Jersey		5.65	%		11/1/2040		-		-		100,000		131,463					100,000		131,463
Port Authority of New York & New Jersey		5.65	%		11/1/2040		-		-		55,000		72,205					55,000		72,205
Ohio
Ohio State University		4.05	%		12/1/2056		-		-		106,000		117,847					106,000		117,847
Ohio State University		4.80	%		6/1/2111		-		-		130,000		145,506					130,000		145,506
Total Municipal Government Obligations							-		-				1,006,956							1,006,956
													Total Cost ($910,027	)						Total Cost ($910,027	)
U.S. Government Agency Obligations - 28.8 %
Federal Home Loan Bank		5.50	%		7/15/2036		-		-		150,000		216,415					150,000		216,415
Federal Home Loan Mortgage Corp.		0.99	%		7/15/2042		-		-		719,239		716,709					719,239		716,709
Federal Home Loan Mortgage Corp.		0.99	%		8/15/2042		-		-		943,595		950,372					943,595		950,372
Federal Home Loan Mortgage Corp.		0.99	%		3/15/2044		-		-		824,898		829,117					824,898		829,117
Federal Home Loan Mortgage Corp.		2.34	%		7/1/2036		-		-		68,339		72,102					68,339		72,102
Federal Home Loan Mortgage Corp.		2.50	%		11/1/2036		-		-		63,790		67,539					63,790		67,539
Federal Home Loan Mortgage Corp.		2.51	%		8/1/2036		-		-		92,863		98,088					92,863		98,088
Federal Home Loan Mortgage Corp.		2.57	%		12/1/2036		-		-		11,236		11,797					11,236		11,797
Federal Home Loan Mortgage Corp.		2.58	%		2/1/2036		-		-		176,896		186,525					176,896		186,525
Federal Home Loan Mortgage Corp.		2.61	%		10/1/2036		-		-		71,388		75,674					71,388		75,674
Federal Home Loan Mortgage Corp.		2.63	%		10/1/2036		-		-		48,357		50,613					48,357		50,613
Federal Home Loan Mortgage Corp.		2.63	%		1/1/2035		-		-		57,042		60,217					57,042		60,217
Federal Home Loan Mortgage Corp.		2.66	%		3/1/2037		-		-		79,662		83,823					79,662		83,823
Federal Home Loan Mortgage Corp.		2.73	%		9/1/2034		-		-		69,485		73,578					69,485		73,578
Federal Home Loan Mortgage Corp.		2.76	%		5/1/2036		-		-		45,923		48,647					45,923		48,647
Federal Home Loan Mortgage Corp.		2.79	%		2/1/2037		-		-		149,394		157,882					149,394		157,882
Federal Home Loan Mortgage Corp.		3.00	%		8/15/2042		-		-		2,129,620		2,187,818					2,129,620		2,187,818
Federal Home Loan Mortgage Corp.		3.00	%		1/15/2043		-		-		373,119		389,142					373,119		389,142
Federal Home Loan Mortgage Corp.		3.00	%		1/15/2044		-		-		1,712,710		1,780,461					1,712,710		1,780,461
Federal Home Loan Mortgage Corp.		3.05	%		6/1/2036		-		-		183,050		194,275					183,050		194,275
Federal Home Loan Mortgage Corp.		3.50	%		7/15/2042		-		-		977,626		1,031,918					977,626		1,031,918
Federal Home Loan Mortgage Corp.		3.50	%		1/1/2032		-		-		252,887		270,977					252,887		270,977
Federal Home Loan Mortgage Corp.		3.50	%		6/1/2042		-		-		750,505		799,621					750,505		799,621
Federal Home Loan Mortgage Corp.		3.50	%		6/1/2043		-		-		1,670,729		1,780,077					1,670,729		1,780,077
Federal Home Loan Mortgage Corp.		4.00	%		1/1/2043		-		-		1,550,776		1,680,402					1,550,776		1,680,402
Federal Home Loan Mortgage Corp.		4.00	%		6/1/2042		-		-		769,529		833,690					769,529		833,690
Federal Home Loan Mortgage Corp.		4.00	%		1/1/2046		-		-		979,202		1,077,360					979,202		1,077,360
Federal Home Loan Mortgage Corp.		4.50	%		5/1/2041		-		-		437,213		481,270					437,213		481,270
Federal Home Loan Mortgage Corp.		5.00	%		4/1/2018		-		-		25,078		25,735					25,078		25,735
Federal Home Loan Mortgage Corp.		5.00	%		10/1/2017		-		-		15,973		16,385					15,973		16,385
Federal Home Loan Mortgage Corp.		5.00	%		12/1/2017		-		-		7,501		7,694					7,501		7,694
Federal Home Loan Mortgage Corp.		5.50	%		8/1/2038		-		-		60,567		67,946					60,567		67,946
Federal Home Loan Mortgage Corp.		5.50	%		6/1/2020		-		-		19,236		19,724					19,236		19,724
Federal Home Loan Mortgage Corp.		6.00	%		2/1/2033		-		-		54,055		61,529					54,055		61,529
Federal Home Loan Mortgage Corp.		6.00	%		1/1/2034		-		-		98,689		107,658					98,689		107,658
Federal Home Loan Mortgage Corp.		6.00	%		12/1/2034		-		-		93,187		106,076					93,187		106,076
Federal Home Loan Mortgage Corp.		6.00	%		10/1/2019		-		-		10,227		10,479					10,227		10,479
Federal Home Loan Mortgage Corp.		6.00	%		2/1/2019		-		-		10,809		10,980					10,809		10,980
Federal Home Loan Mortgage Corp.		6.00	%		10/1/2017		-		-		59		59					59		59
Federal Home Loan Mortgage Corp.		6.50	%		9/1/2019		-		-		10,510		10,776					10,510		10,776
Federal Home Loan Mortgage Corp.		6.50	%		4/1/2018		-		-		8,044		8,152					8,044		8,152
Federal Home Loan Mortgage Corp.		6.50	%		11/1/2036		-		-		38,950		47,919					38,950		47,919
Federal Home Loan Mortgage Corp.		6.50	%		12/1/2017		-		-		14,881		15,209					14,881		15,209
Federal Home Loan Mortgage Corp.		7.00	%		1/1/2031		-		-		110,887		130,870					110,887		130,870

30

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates		1.14	%		9/25/2022	$	-	$	-	$	1,080,647	$	1,082,341			$	1,080,647	$	1,082,341
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates		2.60	%		9/25/2020		-		-		142,000		147,891				142,000		147,891
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates		2.62	%		1/25/2023		-		-		1,250,000		1,296,282				1,250,000		1,296,282
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates		2.77	%		5/25/2025		-		-		750,000		789,303				750,000		789,303
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates		3.08	%		1/25/2031		-		-		1,179,000		1,253,468				1,179,000		1,253,468
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates		3.39	%		3/25/2024		-		-		857,000		947,224				857,000		947,224
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates		3.49	%		1/25/2024		-		-		1,300,000		1,443,765				1,300,000		1,443,765
Federal Home Loan Mortgage Corp. REMIC		0.79	%		6/15/2043		-		-		1,412,298		1,414,785				1,412,298		1,414,785
Federal Home Loan Mortgage Corp. REMIC		0.84	%		7/15/2037		-		-		489,981		483,640				489,981		483,640
Federal Home Loan Mortgage Corp. REMIC		0.84	%		10/15/2041		-		-		572,666		572,319				572,666		572,319
Federal Home Loan Mortgage Corp. REMIC		0.88	%		2/15/2037		-		-		17,510		17,533				17,510		17,533
Federal Home Loan Mortgage Corp. REMIC		0.89	%		3/15/2039		-		-		122,495		122,995				122,495		122,995
Federal Home Loan Mortgage Corp. REMIC		0.89	%		8/15/2039		-		-		490,638		491,893				490,638		491,893
Federal Home Loan Mortgage Corp. REMIC		0.99	%		8/15/2037		-		-		810,800		815,424				810,800		815,424
Federal Home Loan Mortgage Corp. REMIC		1.12	%		11/15/2037		-		-		507,016		512,415				507,016		512,415
Federal Home Loan Mortgage Corp. REMIC		3.50	%		8/15/2039		-		-		2,641,407		2,801,093				2,641,407		2,801,093
Federal Home Loan Mortgage Corp. REMIC		4.00	%		12/15/2041		-		-		542,529		594,286				542,529		594,286
Federal Home Loan Mortgage Corp. REMIC		4.50	%		2/15/2020		-		-		29,708		30,576				29,708		30,576
Federal Home Loan Mortgage Corp. REMIC		5.00	%		5/15/2023		-		-		39,391		42,414				39,391		42,414
Federal Home Loan Mortgage Corp. REMIC		5.00	%		5/15/2041		-		-		257,741		328,918				257,741		328,918
Federal Home Loan Mortgage Corp. REMIC		5.00	%		1/15/2034		-		-		282,086		316,098				282,086		316,098
Federal Home Loan Mortgage Corp. REMIC		5.00	%		12/15/2022		-		-		384,929		403,768				384,929		403,768
Federal Home Loan Mortgage Corp. REMIC		5.50	%		3/15/2017		-		-		309,864		313,062				309,864		313,062
Federal Home Loan Mortgage Corp. REMIC		5.50	%		5/15/2041		-		-		155,355		172,129				155,355		172,129
Federal Home Loan Mortgage Corp. REMIC		5.50	%		12/15/2022		-		-		91,326		99,048				91,326		99,048
Federal Home Loan Mortgage Corp. REMIC		5.50	%		4/15/2033		-		-		95,837		105,315				95,837		105,315
Federal Home Loan Mortgage Corp. REMIC		5.50	%		3/15/2035		-		-		500,000		587,322				500,000		587,322
Federal Home Loan Mortgage Corp. REMIC		5.50	%		5/15/2038		-		-		65,229		71,930				65,229		71,930
Federal Home Loan Mortgage Corp. REMIC		6.00	%		4/15/2036		-		-		441,457		508,054				441,457		508,054
Federal Home Loan Mortgage Corp. REMIC		6.00	%		10/15/2032		-		-		659,184		747,488				659,184		747,488
Federal Home Loan Mortgage Corp. REMIC		6.00	%		11/15/2032		-		-		113,515		129,721				113,515		129,721
Federal Home Loan Mortgage Corp. REMIC		6.00	%		2/15/2033		-		-		222,963		255,213				222,963		255,213
Federal Home Loan Mortgage Corp. REMIC		6.00	%		5/15/2027		-		-		416,087		471,639				416,087		471,639
Federal Home Loan Mortgage Corp. REMIC		6.00	%		9/15/2036		-		-		102,501		106,419				102,501		106,419
Federal Home Loan Mortgage Corp. REMIC		6.38	%		3/15/2032		-		-		141,682		166,261				141,682		166,261
Federal Home Loan Mortgage Corp. REMIC		6.40	%		11/15/2023		-		-		48,499		53,048				48,499		53,048
Federal Home Loan Mortgage Corp. REMIC		6.50	%		8/15/2031		-		-		64,334		76,696				64,334		76,696
Federal Home Loan Mortgage Corp. REMIC		6.50	%		3/15/2032		-		-		171,327		201,409				171,327		201,409
Federal Home Loan Mortgage Corp. REMIC		6.50	%		3/15/2032		-		-		141,762		163,507				141,762		163,507
Federal Home Loan Mortgage Corp. REMIC		6.50	%		6/15/2032		-		-		55,715		64,415				55,715		64,415
Federal Home Loan Mortgage Corp. REMIC		6.50	%		7/15/2032		-		-		174,023		204,042				174,023		204,042
Federal Home Loan Mortgage Corp. REMIC		6.50	%		7/15/2036		-		-		151,463		173,081				151,463		173,081
Federal Home Loan Mortgage Corp. REMIC		7.00	%		3/15/2032		-		-		378,107		440,534				378,107		440,534
Federal Home Loan Mortgage Corp. REMIC		7.00	%		3/15/2024		-		-		194,451		218,126				194,451		218,126
Federal Home Loan Mortgage Corp. REMIC		7.00	%		6/15/2029		-		-		325,039		374,633				325,039		374,633
Federal Home Loan Mortgage Corp. REMIC		7.00	%		10/15/2030		-		-		95,784		110,747				95,784		110,747
Federal Home Loan Mortgage Corp. REMIC		7.00	%		4/15/2032		-		-		127,647		150,535				127,647		150,535
Federal Home Loan Mortgage Corp. REMIC		7.00	%		5/15/2032		-		-		117,786		136,219				117,786		136,219
Federal Home Loan Mortgage Corp. REMIC		7.25	%		9/15/2030		-		-		209,308		243,420				209,308		243,420
Federal Home Loan Mortgage Corp. REMIC		7.25	%		12/15/2030		-		-		66,953		77,648				66,953		77,648
Federal Home Loan Mortgage Corp. REMIC		7.50	%		2/15/2023		-		-		92,637		102,900				92,637		102,900
Federal Home Loan Mortgage Corp. REMIC		7.50	%		8/15/2030		-		-		43,059		50,367				43,059		50,367
Federal Home Loan Mortgage Corp. REMIC		8.00	%		1/15/2030		-		-		227,366		264,736				227,366		264,736
Federal Home Loan Mortgage Corp. REMIC		8.50	%		9/15/2020		-		-		5,898		6,080				5,898		6,080
Federal Home Loan Mortgage Corp. REMIC		9.57	%		7/15/2032		-		-		72,815		94,225				72,815		94,225
Federal Home Loan Mortgage Corp. REMIC		12.40	%		7/15/2033		-		-		47,282		54,804				47,282		54,804
Federal Home Loan Mortgage Corp. REMIC		13.95	%		9/15/2033		-		-		12,582		16,931				12,582		16,931
Federal Home Loan Mortgage Corp. REMIC		16.03	%		2/15/2040		-		-		100,000		149,479				100,000		149,479
Federal Home Loan Mortgage Corp. REMIC		22.87	%		6/15/2034		-		-		78,789		111,926				78,789		111,926

31

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
Federal Home Loan Mortgage Corp. REMIC, Interest Only STRIPS		1.88	%		1/15/2040	$	-	$	-	$	296,100	$	22,728			$	296,100	$	22,728
Federal Home Loan Mortgage Corp. REMIC, Interest Only STRIPS		4.50	%		7/15/2037		-		-		106,267		4,053				106,267		4,053
Federal Home Loan Mortgage Corp. REMIC, Interest Only STRIPS		5.56	%		11/15/2037		-		-		27,909		3,878				27,909		3,878
Federal Home Loan Mortgage Corp. REMIC, Interest Only STRIPS		5.56	%		1/15/2038		-		-		112,441		17,437				112,441		17,437
Federal Home Loan Mortgage Corp. REMIC, Interest Only STRIPS		5.56	%		2/15/2039		-		-		59,036		11,013				59,036		11,013
Federal Home Loan Mortgage Corp. REMIC, Interest Only STRIPS		5.76	%		6/15/2038		-		-		361,172		63,731				361,172		63,731
Federal Home Loan Mortgage Corp. REMIC, Interest Only STRIPS		5.93	%		10/15/2037		-		-		718,701		138,942				718,701		138,942
Federal Home Loan Mortgage Corp. REMIC, Interest Only STRIPS		5.98	%		11/15/2037		-		-		89,391		15,411				89,391		15,411
Federal Home Loan Mortgage Corp. REMIC, Interest Only STRIPS		6.36	%		4/15/2038		-		-		60,990		10,027				60,990		10,027
Federal Home Loan Mortgage Corp. REMIC, Interest Only STRIPS		6.66	%		7/15/2036		-		-		27,115		3,449				27,115		3,449
Federal Home Loan Mortgage Corp. REMIC, Interest Only STRIPS		7.56	%		3/15/2032		-		-		46,705		13,432				46,705		13,432
Federal Home Loan Mortgage Corp. REMIC, Principal Only STRIPS		0.00	%		12/15/2032		-		-		4,803		4,757				4,803		4,757
Federal Home Loan Mortgage Corp. REMIC, Principal Only STRIPS		0.00	%		12/15/2032		-		-		12,221		12,047				12,221		12,047
Federal Home Loan Mortgage Corp. REMIC, Principal Only STRIPS		0.00	%		1/15/2033		-		-		2,681		2,678				2,681		2,678
Federal Home Loan Mortgage Corp. REMIC, Principal Only STRIPS		0.00	%		12/15/2032		-		-		8,098		7,448				8,098		7,448
Federal Home Loan Mortgage Corp. REMIC, Principal Only STRIPS		0.00	%		3/15/2019		-		-		114,851		113,375				114,851		113,375
Federal Home Loan Mortgage Corp. REMIC, Principal Only STRIPS		0.00	%		4/15/2020		-		-		27,340		26,595				27,340		26,595
Federal Home Loan Mortgage Corp. REMIC, Principal Only STRIPS		0.00	%		2/15/2036		-		-		31,477		29,062				31,477		29,062
Federal Home Loan Mortgage Corp. REMIC, Principal Only STRIPS		0.00	%		2/15/2036		-		-		43,281		40,889				43,281		40,889
Federal Home Loan Mortgage Corp. REMIC, Principal Only STRIPS		0.00	%		2/15/2036		-		-		16,298		14,499				16,298		14,499
Federal Home Loan Mortgage Corp. REMIC, Principal Only STRIPS		0.00	%		3/15/2036		-		-		71,824		66,747				71,824		66,747
Federal Home Loan Mortgage Corp. REMIC, Principal Only STRIPS		0.00	%		4/15/2036		-		-		29,153		28,116				29,153		28,116
Federal Home Loan Mortgage Corp. REMIC, Principal Only STRIPS		0.00	%		7/15/2036		-		-		11,478		10,795				11,478		10,795
Federal Home Loan Mortgage Corp. REMIC, Principal Only STRIPS		0.00	%		8/15/2036		-		-		39,392		35,414				39,392		35,414
Federal Home Loan Mortgage Corp. REMIC, Principal Only STRIPS		0.00	%		5/15/2037		-		-		20,457		19,570				20,457		19,570
Federal Home Loan Mortgage Corp. REMIC, Principal Only STRIPS		0.00	%		5/15/2037		-		-		64,253		57,834				64,253		57,834
Federal Home Loan Mortgage Corp. REMIC, Principal Only STRIPS		0.00	%		1/15/2040		-		-		41,461		37,455				41,461		37,455
Federal Home Loan Mortgage Corp. Structured Pass-Through Securities		1.61	%		10/25/2044		-		-		288,861		299,880				288,861		299,880
Federal Home Loan Mortgage Corp. Structured Pass-Through Securities		6.50	%		2/25/2043		-		-		177,806		216,194				177,806		216,194
Federal Home Loan Mortgage Corp. Structured Pass-Through Securities		6.62	%		7/25/2032		-		-		194,204		209,332				194,204		209,332
Federal Home Loan Mortgage Corp. Structured Pass-Through Securities		7.00	%		2/25/2043		-		-		56,546		68,562				56,546		68,562
Federal Home Loan Mortgage Corp. Structured Pass-Through Securities		7.50	%		8/25/2042		-		-		77,367		95,980				77,367		95,980
Federal Home Loan Mortgage Corp., Interest Only STRIPS		5.00	%		9/15/2035		-		-		77,856		11,929				77,856		11,929
Federal National Mortgage Association		0.00	%		6/1/2017		-		-		300,000		298,314				300,000		298,314
Federal National Mortgage Association		0.71	%		11/25/2046		-		-		244,343		244,888				244,343		244,888
Federal National Mortgage Association		0.79	%		1/1/2023		-		-		929,122		928,618				929,122		928,618
Federal National Mortgage Association		0.80	%		9/25/2042		-		-		697,745		694,164				697,745		694,164
Federal National Mortgage Association		0.81	%		5/1/2024		-		-		1,367,000		1,369,670				1,367,000		1,369,670
Federal National Mortgage Association		0.81	%		1/25/2017		-		-		19,954		19,942				19,954		19,942
Federal National Mortgage Association		0.83	%		1/1/2023		-		-		697,282		701,765				697,282		701,765
Federal National Mortgage Association		0.87	%		7/1/2024		-		-		1,250,000		1,261,542				1,250,000		1,261,542
Federal National Mortgage Association		0.88	%		9/1/2024		-		-		1,000,000		1,003,742				1,000,000		1,003,742
Federal National Mortgage Association		0.91	%		11/1/2020		-		-		995,000		996,541				995,000		996,541
Federal National Mortgage Association		0.92	%		9/1/2024		-		-		965,510		967,877				965,510		967,877
Federal National Mortgage Association		0.97	%		8/25/2019		-		-		104,289		104,275				104,289		104,275
Federal National Mortgage Association		1.00	%		8/25/2042		-		-		721,039		717,346				721,039		717,346
Federal National Mortgage Association		1.07	%		11/25/2016		19,273		19,262		-		-				19,273		19,262
Federal National Mortgage Association		1.37	%		11/25/2022		-		-		1,094,671		1,097,395				1,094,671		1,097,395
Federal National Mortgage Association		1.40	%		7/1/2017		-		-		1,000,000		1,002,666				1,000,000		1,002,666
Federal National Mortgage Association		1.94	%		7/1/2019		-		-		965,562		986,721				965,562		986,721
Federal National Mortgage Association		2.01	%		7/1/2019		-		-		962,520		985,558				962,520		985,558
Federal National Mortgage Association		2.01	%		6/1/2020		-		-		2,000,000		2,056,118				2,000,000		2,056,118
Federal National Mortgage Association		2.03	%		8/1/2019		-		-		49,424		51,133				49,424		51,133
Federal National Mortgage Association		2.03	%		3/25/2019		-		-		1,357,403		1,384,043				1,357,403		1,384,043
Federal National Mortgage Association		2.34	%		1/1/2023		-		-		956,330		994,123				956,330		994,123
Federal National Mortgage Association		2.38	%		12/1/2022		-		-		972,502		1,013,041				972,502		1,013,041
Federal National Mortgage Association		2.39	%		1/25/2023		-		-		1,000,000		1,033,839				1,000,000		1,033,839
Federal National Mortgage Association		2.40	%		2/1/2023		-		-		1,000,000		1,038,729				1,000,000		1,038,729
Federal National Mortgage Association		2.46	%		2/1/2023		-		-		926,414		961,160				926,414		961,160
Federal National Mortgage Association		2.49	%		5/25/2026		-		-		1,000,000		1,024,300				1,000,000		1,024,300
Federal National Mortgage Association		2.51	%		6/1/2023		-		-		944,028		986,725				944,028		986,725
Federal National Mortgage Association		2.52	%		5/1/2023		-		-		1,000,000		1,049,444				1,000,000		1,049,444
Federal National Mortgage Association		2.57	%		7/25/2028		-		-		1,250,000		1,259,763				1,250,000		1,259,763
Federal National Mortgage Association		2.61	%		10/25/2021		-		-		1,000,000		1,048,667				1,000,000		1,048,667
Federal National Mortgage Association		2.65	%		8/1/2022		-		-		500,000		527,326				500,000		527,326
Federal National Mortgage Association		2.66	%		12/1/2022		-		-		1,000,000		1,074,243				1,000,000		1,074,243
Federal National Mortgage Association		2.67	%		7/1/2022		-		-		1,500,000		1,579,129				1,500,000		1,579,129
Federal National Mortgage Association		2.67	%		1/1/2036		-		-		60,103		63,477				60,103		63,477
Federal National Mortgage Association		2.70	%		7/25/2026		-		-		1,500,000		1,538,445				1,500,000		1,538,445
Federal National Mortgage Association		2.70	%		4/1/2023		-		-		1,422,828		1,501,593				1,422,828		1,501,593
Federal National Mortgage Association		2.75	%		1/1/2038		-		-		23,104		24,358				23,104		24,358
Federal National Mortgage Association		2.76	%		6/1/2023		-		-		956,391		1,009,955				956,391		1,009,955
Federal National Mortgage Association		2.92	%		12/1/2024		-		-		1,000,000		1,060,245				1,000,000		1,060,245
Federal National Mortgage Association		2.93	%		6/1/2030		-		-		3,200,000		3,355,378				3,200,000		3,355,378
Federal National Mortgage Association		2.97	%		6/1/2030		-		-		1,321,000		1,392,955				1,321,000		1,392,955

32

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
Federal National Mortgage Association		3.00	%		1/1/2043	$	-	$	-	$	836,998	$	871,641			$	836,998	$	871,641
Federal National Mortgage Association		3.02	%		7/1/2023		-		-		2,750,000		2,958,232				2,750,000		2,958,232
Federal National Mortgage Association		3.02	%		8/25/2024		-		-		636,000		681,829				636,000		681,829
Federal National Mortgage Association		3.03	%		12/1/2021		-		-		459,813		491,491				459,813		491,491
Federal National Mortgage Association		3.09	%		4/25/2027		-		-		1,167,000		1,267,164				1,167,000		1,267,164
Federal National Mortgage Association		3.10	%		9/1/2025		-		-		1,000,000		1,074,441				1,000,000		1,074,441
Federal National Mortgage Association		3.12	%		1/1/2022		-		-		500,000		537,693				500,000		537,693
Federal National Mortgage Association		3.12	%		11/1/2026		-		-		1,000,000		1,081,024				1,000,000		1,081,024
Federal National Mortgage Association		3.24	%		10/1/2026		-		-		972,710		1,058,674				972,710		1,058,674
Federal National Mortgage Association		3.24	%		12/1/2026		-		-		1,000,000		1,086,131				1,000,000		1,086,131
Federal National Mortgage Association		3.29	%		8/1/2026		-		-		1,000,000		1,093,245				1,000,000		1,093,245
Federal National Mortgage Association		3.29	%		8/1/2026		-		-		1,500,000		1,637,772				1,500,000		1,637,772
Federal National Mortgage Association		3.30	%		12/1/2026		-		-		1,000,000		1,092,353				1,000,000		1,092,353
Federal National Mortgage Association		3.34	%		2/1/2027		-		-		1,000,000		1,095,916				1,000,000		1,095,916
Federal National Mortgage Association		3.34	%		7/1/2030		-		-		1,000,000		1,091,494				1,000,000		1,091,494
Federal National Mortgage Association		3.35	%		3/25/2024		-		-		1,750,000		1,920,304				1,750,000		1,920,304
Federal National Mortgage Association		3.36	%		12/1/2027		-		-		1,092,117		1,196,805				1,092,117		1,196,805
Federal National Mortgage Association		3.38	%		1/1/2018		-		-		500,000		512,588				500,000		512,588
Federal National Mortgage Association		3.38	%		12/1/2023		-		-		1,500,000		1,645,794				1,500,000		1,645,794
Federal National Mortgage Association		3.45	%		1/1/2024		-		-		1,000,000		1,099,546				1,000,000		1,099,546
Federal National Mortgage Association		3.50	%		6/1/2042		-		-		625,484		662,544				625,484		662,544
Federal National Mortgage Association		3.50	%		5/1/2043		-		-		626,624		668,017				626,624		668,017
Federal National Mortgage Association		3.50	%		6/1/2033		-		-		1,155,094		1,229,816				1,155,094		1,229,816
Federal National Mortgage Association		3.50	%		8/1/2032		-		-		580,211		617,948				580,211		617,948
Federal National Mortgage Association		3.50	%		1/1/2043		-		-		1,231,363		1,312,493				1,231,363		1,312,493
Federal National Mortgage Association		3.50	%		5/1/2043		-		-		842,287		897,928				842,287		897,928
Federal National Mortgage Association		3.50	%		6/1/2043		-		-		3,234,864		3,448,250				3,234,864		3,448,250
Federal National Mortgage Association		3.50	%		1/25/2024		-		-		3,000,000		3,305,263				3,000,000		3,305,263
Federal National Mortgage Association		3.51	%		12/25/2023		-		-		1,776,000		1,971,768				1,776,000		1,971,768
Federal National Mortgage Association		3.59	%		10/1/2020		-		-		95,776		104,068				95,776		104,068
Federal National Mortgage Association		3.64	%		10/1/2020		-		-		1,321,873		1,434,472				1,321,873		1,434,472
Federal National Mortgage Association		3.65	%		4/25/2021		-		-		866,000		941,542				866,000		941,542
Federal National Mortgage Association		3.67	%		7/1/2023		-		-		2,000,000		2,225,517				2,000,000		2,225,517
Federal National Mortgage Association		3.73	%		6/25/2021		-		-		500,000		550,039				500,000		550,039
Federal National Mortgage Association		3.74	%		7/1/2023		-		-		500,000		556,601				500,000		556,601
Federal National Mortgage Association		3.74	%		6/1/2018		-		-		1,361,274		1,410,730				1,361,274		1,410,730
Federal National Mortgage Association		3.76	%		12/1/2035		-		-		1,490,205		1,648,038				1,490,205		1,648,038
Federal National Mortgage Association		3.76	%		6/25/2021		-		-		1,000,000		1,103,480				1,000,000		1,103,480
Federal National Mortgage Association		3.76	%		4/25/2021		-		-		1,000,000		1,099,517				1,000,000		1,099,517
Federal National Mortgage Association		3.77	%		8/1/2021		-		-		671,376		737,782				671,376		737,782
Federal National Mortgage Association		3.86	%		7/1/2021		-		-		923,666		1,017,141				923,666		1,017,141
Federal National Mortgage Association		3.87	%		8/1/2021		-		-		931,363		1,027,418				931,363		1,027,418
Federal National Mortgage Association		3.92	%		8/1/2021		-		-		1,440,416		1,591,626				1,440,416		1,591,626
Federal National Mortgage Association		3.94	%		7/1/2021		-		-		500,000		554,313				500,000		554,313
Federal National Mortgage Association		3.97	%		6/1/2021		-		-		468,473		517,457				468,473		517,457
Federal National Mortgage Association		3.97	%		7/1/2021		-		-		467,218		516,599				467,218		516,599
Federal National Mortgage Association		3.98	%		8/1/2021		-		-		981,255		1,083,975				981,255		1,083,975
Federal National Mortgage Association		3.99	%		7/1/2021		-		-		459,084		507,687				459,084		507,687
Federal National Mortgage Association		4.00	%		8/1/2044		-		-		1,471,158		1,583,329				1,471,158		1,583,329
Federal National Mortgage Association		4.00	%		7/1/2042		-		-		2,189,813		2,373,959				2,189,813		2,373,959
Federal National Mortgage Association		4.02	%		8/1/2021		-		-		1,220,870		1,350,428				1,220,870		1,350,428
Federal National Mortgage Association		4.05	%		8/1/2021		-		-		798,486		885,888				798,486		885,888
Federal National Mortgage Association		4.06	%		7/1/2021		-		-		1,000,000		1,109,754				1,000,000		1,109,754
Federal National Mortgage Association		4.06	%		9/1/2021		-		-		461,302		512,400				461,302		512,400
Federal National Mortgage Association		4.16	%		3/1/2021		-		-		459,488		510,000				459,488		510,000
Federal National Mortgage Association		4.23	%		3/1/2020		-		-		868,963		944,448				868,963		944,448
Federal National Mortgage Association		4.24	%		6/1/2021		-		-		959,546		1,070,432				959,546		1,070,432
Federal National Mortgage Association		4.25	%		4/1/2021		-		-		500,000		558,580				500,000		558,580
Federal National Mortgage Association		4.26	%		6/1/2021		-		-		348,724		385,970				348,724		385,970
Federal National Mortgage Association		4.32	%		6/1/2021		-		-		747,912		836,763				747,912		836,763
Federal National Mortgage Association		4.38	%		4/1/2020		-		-		167,741		184,293				167,741		184,293
Federal National Mortgage Association		4.39	%		5/1/2021		-		-		241,342		270,170				241,342		270,170
Federal National Mortgage Association		4.45	%		7/1/2026		-		-		467,218		547,985				467,218		547,985
Federal National Mortgage Association		4.50	%		8/1/2018		-		-		240,558		246,746				240,558		246,746
Federal National Mortgage Association		4.50	%		3/1/2019		-		-		52,917		54,365				52,917		54,365
Federal National Mortgage Association		4.65	%		6/1/2021		-		-		934,004		1,056,040				934,004		1,056,040
Federal National Mortgage Association		5.00	%		5/11/2017		-		-		300,000		311,358				300,000		311,358
Federal National Mortgage Association		5.00	%		9/1/2018		-		-		115,081		118,408				115,081		118,408
Federal National Mortgage Association		5.00	%		4/1/2019		-		-		79,309		82,347				79,309		82,347
Federal National Mortgage Association		5.00	%		12/1/2018		-		-		76,002		78,145				76,002		78,145
Federal National Mortgage Association		5.00	%		8/1/2024		-		-		71,663		76,916				71,663		76,916
Federal National Mortgage Association		5.00	%		5/1/2023		-		-		76,969		82,624				76,969		82,624
Federal National Mortgage Association		5.00	%		8/1/2040		-		-		263,951		296,453				263,951		296,453
Federal National Mortgage Association		5.50	%		3/1/2017		-		-		7,741		7,810				7,741		7,810
Federal National Mortgage Association		5.50	%		9/1/2017		-		-		10,568		10,723				10,568		10,723
Federal National Mortgage Association		5.50	%		5/1/2036		-		-		166,273		188,237				166,273		188,237
Federal National Mortgage Association		5.50	%		7/1/2022		-		-		270,718		288,822				270,718		288,822
Federal National Mortgage Association		5.90	%		10/1/2017		-		-		703,488		740,534				703,488		740,534
Federal National Mortgage Association		6.00	%		10/1/2033		-		-		158,783		180,167				158,783		180,167
Federal National Mortgage Association		6.00	%		12/1/2032		-		-		41,210		47,671				41,210		47,671
Federal National Mortgage Association		6.00	%		12/1/2032		-		-		82,550		95,990				82,550		95,990
Federal National Mortgage Association		6.00	%		3/1/2033		-		-		29,750		34,376				29,750		34,376
Federal National Mortgage Association		6.00	%		3/1/2033		-		-		17,716		20,350				17,716		20,350
Federal National Mortgage Association		6.00	%		3/1/2033		-		-		18,545		21,177				18,545		21,177
Federal National Mortgage Association		6.00	%		11/1/2037		-		-		84,405		96,383				84,405		96,383
Federal National Mortgage Association		6.00	%		9/1/2037		-		-		159,278		183,250				159,278		183,250
Federal National Mortgage Association		6.50	%		12/1/2022		-		-		15,961		18,367				15,961		18,367
Federal National Mortgage Association		6.50	%		3/1/2017		-		-		1,168		1,174				1,168		1,174
Federal National Mortgage Association		6.50	%		8/1/2020		-		-		16,997		17,861				16,997		17,861
Federal National Mortgage Association		6.50	%		1/1/2036		-		-		19,667		22,247				19,667		22,247
Federal National Mortgage Association		6.50	%		10/1/2036		-		-		69,177		84,659				69,177		84,659
Federal National Mortgage Association		7.00	%		9/1/2017		-		-		1,761		1,779				1,761		1,779
Federal National Mortgage Association		8.00	%		11/1/2037		-		-		6,488		7,318				6,488		7,318

33

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
Federal National Mortgage Association REMIC		0.75	%		8/25/2041	$	-	$	-	$	343,019	$	341,220			$	343,019	$	341,220
Federal National Mortgage Association REMIC		0.77	%		6/27/2036		-		-		83,216		83,125				83,216		83,125
Federal National Mortgage Association REMIC		0.80	%		4/25/2035		-		-		107,084		106,835				107,084		106,835
Federal National Mortgage Association REMIC		0.80	%		8/25/2036		-		-		18,001		17,973				18,001		17,973
Federal National Mortgage Association REMIC		0.85	%		10/25/2042		-		-		713,475		713,128				713,475		713,128
Federal National Mortgage Association REMIC		0.95	%		9/25/2042		-		-		699,660		694,092				699,660		694,092
Federal National Mortgage Association REMIC		0.95	%		10/25/2042		-		-		710,047		710,695				710,047		710,695
Federal National Mortgage Association REMIC		0.95	%		5/25/2035		-		-		253,875		253,741				253,875		253,741
Federal National Mortgage Association REMIC		3.00	%		1/25/2046		-		-		696,203		735,084				696,203		735,084
Federal National Mortgage Association REMIC		4.00	%		4/25/2033		-		-		410,924		444,981				410,924		444,981
Federal National Mortgage Association REMIC		4.00	%		10/25/2025		-		-		698,127		761,777				698,127		761,777
Federal National Mortgage Association REMIC		4.50	%		7/25/2029		-		-		1,000,000		1,161,953				1,000,000		1,161,953
Federal National Mortgage Association REMIC		5.00	%		7/25/2033		-		-		743,927		825,166				743,927		825,166
Federal National Mortgage Association REMIC		5.00	%		9/25/2023		-		-		243,635		251,668				243,635		251,668
Federal National Mortgage Association REMIC		5.00	%		8/25/2040		-		-		671,710		830,839				671,710		830,839
Federal National Mortgage Association REMIC		5.50	%		4/25/2023		-		-		596,929		654,801				596,929		654,801
Federal National Mortgage Association REMIC		5.50	%		5/25/2023		-		-		280,566		304,578				280,566		304,578
Federal National Mortgage Association REMIC		5.50	%		2/25/2034		-		-		144,091		151,275				144,091		151,275
Federal National Mortgage Association REMIC		5.50	%		12/25/2035		-		-		300,000		358,136				300,000		358,136
Federal National Mortgage Association REMIC		5.50	%		1/25/2026		-		-		479,204		526,012				479,204		526,012
Federal National Mortgage Association REMIC		5.50	%		11/25/2036		-		-		500,000		571,020				500,000		571,020
Federal National Mortgage Association REMIC		5.50	%		7/25/2038		-		-		139,765		155,471				139,765		155,471
Federal National Mortgage Association REMIC		5.50	%		4/25/2038		-		-		164,545		170,705				164,545		170,705
Federal National Mortgage Association REMIC		5.65	%		12/25/2042		-		-		149,908		172,083				149,908		172,083
Federal National Mortgage Association REMIC		5.75	%		6/25/2033		-		-		288,079		328,465				288,079		328,465
Federal National Mortgage Association REMIC		6.00	%		8/25/2037		-		-		111,032		122,259				111,032		122,259
Federal National Mortgage Association REMIC		6.00	%		11/25/2032		-		-		418,657		484,138				418,657		484,138
Federal National Mortgage Association REMIC		6.00	%		11/25/2039		-		-		185,521		208,589				185,521		208,589
Federal National Mortgage Association REMIC		6.29	%		10/25/2042		-		-		31,186		36,846				31,186		36,846
Federal National Mortgage Association REMIC		6.30	%		12/25/2042		-		-		79,620		94,603				79,620		94,603
Federal National Mortgage Association REMIC		6.50	%		1/25/2032		-		-		164,244		191,304				164,244		191,304
Federal National Mortgage Association REMIC		6.50	%		2/25/2022		-		-		46,733		52,074				46,733		52,074
Federal National Mortgage Association REMIC		6.50	%		8/25/2032		-		-		190,246		222,709				190,246		222,709
Federal National Mortgage Association REMIC		6.50	%		5/25/2044		-		-		79,360		96,292				79,360		96,292
Federal National Mortgage Association REMIC		6.50	%		8/25/2036		-		-		242,562		284,794				242,562		284,794
Federal National Mortgage Association REMIC		6.79	%		7/25/2023		-		-		166,929		183,731				166,929		183,731
Federal National Mortgage Association REMIC		6.86	%		8/25/2033		-		-		59,356		68,339				59,356		68,339
Federal National Mortgage Association REMIC		7.00	%		3/25/2031		-		-		18,272		21,190				18,272		21,190
Federal National Mortgage Association REMIC		7.00	%		11/25/2041		-		-		389,976		466,930				389,976		466,930
Federal National Mortgage Association REMIC		7.00	%		11/25/2041		-		-		476,391		570,379				476,391		570,379
Federal National Mortgage Association REMIC		7.00	%		11/25/2041		-		-		352,409		419,334				352,409		419,334
Federal National Mortgage Association REMIC		7.00	%		9/25/2031		-		-		32,956		37,661				32,956		37,661
Federal National Mortgage Association REMIC		7.00	%		9/25/2031		-		-		43,835		50,992				43,835		50,992
Federal National Mortgage Association REMIC		7.00	%		11/25/2031		-		-		154,427		176,651				154,427		176,651
Federal National Mortgage Association REMIC		8.00	%		5/25/2022		-		-		26,216		29,316				26,216		29,316
Federal National Mortgage Association REMIC		9.50	%		6/25/2018		-		-		6,518		6,738				6,518		6,738
Federal National Mortgage Association REMIC		10.00	%		3/25/2032		-		-		7,302		9,541				7,302		9,541
Federal National Mortgage Association REMIC		10.43	%		7/25/2035		-		-		118,674		142,686				118,674		142,686
Federal National Mortgage Association REMIC		11.74	%		9/25/2033		-		-		16,663		20,622				16,663		20,622
Federal National Mortgage Association REMIC		12.61	%		7/25/2033		-		-		36,676		47,451				36,676		47,451
Federal National Mortgage Association REMIC		13.09	%		3/25/2038		-		-		11,765		14,692				11,765		14,692
Federal National Mortgage Association REMIC		13.65	%		12/25/2032		-		-		9,941		13,383				9,941		13,383
Federal National Mortgage Association REMIC		14.60	%		11/25/2031		-		-		33,346		48,066				33,346		48,066
Federal National Mortgage Association REMIC		15.25	%		5/25/2034		-		-		40,735		54,886				40,735		54,886
Federal National Mortgage Association REMIC		16.24	%		7/25/2035		-		-		100,082		150,525				100,082		150,525
Federal National Mortgage Association REMIC		18.28	%		5/25/2034		-		-		123,630		179,031				123,630		179,031
Federal National Mortgage Association REMIC		18.28	%		4/25/2034		-		-		87,331		128,149				87,331		128,149
Federal National Mortgage Association REMIC		18.55	%		8/25/2032		-		-		30,161		35,967				30,161		35,967
Federal National Mortgage Association REMIC		21.51	%		6/25/2035		-		-		109,307		151,449				109,307		151,449
Federal National Mortgage Association REMIC		22.19	%		5/25/2034		-		-		16,757		25,972				16,757		25,972
Federal National Mortgage Association REMIC		22.90	%		3/25/2036		-		-		30,027		47,426				30,027		47,426
Federal National Mortgage Association REMIC		23.71	%		2/25/2032		-		-		8,807		15,377				8,807		15,377
Federal National Mortgage Association REMIC		24.39	%		10/25/2036		-		-		12,511		20,630				12,511		20,630
Federal National Mortgage Association REMIC		24.75	%		12/25/2036		-		-		20,385		32,183				20,385		32,183

34

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
Federal National Mortgage Association REMIC, Interest Only STRIPS		0.94	%		8/25/2042	$	-	$	-	$	541,534	$	13,925			$	541,534	$	13,925
Federal National Mortgage Association REMIC, Interest Only STRIPS		1.53	%		1/25/2038		-		-		84,361		5,683				84,361		5,683
Federal National Mortgage Association REMIC, Interest Only STRIPS		1.86	%		4/25/2041		-		-		209,985		14,540				209,985		14,540
Federal National Mortgage Association REMIC, Interest Only STRIPS		5.00	%		3/25/2023		-		-		37,594		1,396				37,594		1,396
Federal National Mortgage Association REMIC, Interest Only STRIPS		5.40	%		9/25/2038		-		-		139,024		20,497				139,024		20,497
Federal National Mortgage Association REMIC, Interest Only STRIPS		5.40	%		9/25/2038		-		-		105,997		15,680				105,997		15,680
Federal National Mortgage Association REMIC, Interest Only STRIPS		5.46	%		2/25/2038		-		-		167,876		27,744				167,876		27,744
Federal National Mortgage Association REMIC, Interest Only STRIPS		5.65	%		6/25/2037		-		-		89,083		14,226				89,083		14,226
Federal National Mortgage Association REMIC, Interest Only STRIPS		5.73	%		12/25/2039		-		-		39,572		5,608				39,572		5,608
Federal National Mortgage Association REMIC, Interest Only STRIPS		5.75	%		3/25/2038		-		-		28,784		4,867				28,784		4,867
Federal National Mortgage Association REMIC, Interest Only STRIPS		5.97	%		4/25/2040		-		-		53,640		7,228				53,640		7,228
Federal National Mortgage Association REMIC, Interest Only STRIPS		6.05	%		6/25/2023		-		-		31,571		2,853				31,571		2,853
Federal National Mortgage Association REMIC, Interest Only STRIPS		6.08	%		1/25/2041		-		-		464,599		111,260				464,599		111,260
Federal National Mortgage Association REMIC, Interest Only STRIPS		6.09	%		9/25/2037		-		-		81,184		17,463				81,184		17,463
Federal National Mortgage Association REMIC, Interest Only STRIPS		6.10	%		2/25/2039		-		-		59,137		12,826				59,137		12,826
Federal National Mortgage Association REMIC, Interest Only STRIPS		6.13	%		6/25/2036		-		-		55,708		8,571				55,708		8,571
Federal National Mortgage Association REMIC, Interest Only STRIPS		6.25	%		3/25/2036		-		-		911,443		194,273				911,443		194,273
Federal National Mortgage Association REMIC, Interest Only STRIPS		6.50	%		5/25/2033		-		-		41,503		7,262				41,503		7,262
Federal National Mortgage Association REMIC, Interest Only STRIPS		6.70	%		7/25/2037		-		-		146,640		33,924				146,640		33,924
Federal National Mortgage Association REMIC, Interest Only STRIPS		7.00	%		6/25/2033		-		-		52,284		12,498				52,284		12,498
Federal National Mortgage Association REMIC, Principal Only STRIPS		0.00	%		9/25/2043		-		-		413,399		341,898				413,399		341,898
Federal National Mortgage Association REMIC, Principal Only STRIPS		0.00	%		10/25/2043		-		-		418,021		342,013				418,021		342,013
Federal National Mortgage Association REMIC, Principal Only STRIPS		0.00	%		12/25/2043		-		-		1,228,725		1,012,094				1,228,725		1,012,094
Federal National Mortgage Association REMIC, Principal Only STRIPS		0.00	%		12/25/2032		-		-		25,420		24,173				25,420		24,173
Federal National Mortgage Association REMIC, Principal Only STRIPS		0.00	%		3/25/2036		-		-		248,575		219,528				248,575		219,528
Federal National Mortgage Association REMIC, Principal Only STRIPS		0.00	%		4/25/2036		-		-		47,551		42,623				47,551		42,623
Federal National Mortgage Association REMIC, Principal Only STRIPS		0.00	%		3/25/2036		-		-		52,915		48,302				52,915		48,302
Federal National Mortgage Association REMIC, Principal Only STRIPS		0.00	%		6/25/2036		-		-		51,933		49,657				51,933		49,657
Federal National Mortgage Association REMIC, Principal Only STRIPS		0.00	%		6/25/2036		-		-		58,722		56,497				58,722		56,497
Federal National Mortgage Association REMIC, Principal Only STRIPS		0.00	%		12/25/2033		-		-		146,565		140,284				146,565		140,284
Federal National Mortgage Association REMIC, Principal Only STRIPS		0.00	%		6/25/2036		-		-		30,588		29,047				30,588		29,047
Federal National Mortgage Association REMIC, Principal Only STRIPS		0.00	%		7/25/2036		-		-		22,227		21,321				22,227		21,321
Federal National Mortgage Association REMIC, Principal Only STRIPS		0.00	%		6/25/2035		-		-		21,102		20,769				21,102		20,769
Federal National Mortgage Association REMIC, Principal Only STRIPS		0.00	%		7/25/2036		-		-		24,241		23,048				24,241		23,048
Federal National Mortgage Association REMIC, Principal Only STRIPS		0.00	%		11/25/2036		-		-		47,879		45,956				47,879		45,956
Federal National Mortgage Association, Principal Only STRIPS		0.00	%		5/15/2030		-		-		400,000		280,069				400,000		280,069
Federal National Mortgage Association, Principal Only STRIPS		0.00	%		9/25/2024		-		-		21,352		19,937				21,352		19,937
Federal National Mortgage Association, Principal Only STRIPS		0.00	%		8/25/2032		-		-		64,806		59,532				64,806		59,532
Federal National Mortgage Association, Principal Only STRIPS		0.00	%		1/25/2033		-		-		11,877		11,006				11,877		11,006
Financing Corp., Principal Only STRIPS		0.00	%		5/11/2018		-		-		1,700,000		1,674,425				1,700,000		1,674,425
Financing Corp., Principal Only STRIPS		0.00	%		11/30/2017		-		-		1,000,000		989,102				1,000,000		989,102
Financing Corp., Principal Only STRIPS		0.00	%		9/26/2019		-		-		1,000,000		969,847				1,000,000		969,847
FREMF Mortgage Trust		3.83	%		7/25/2049		-		-		420,000		396,757				420,000		396,757
Government National Mortgage Association		0.74	%		8/20/2060		-		-		307,646		307,570				307,646		307,570
Government National Mortgage Association		0.78	%		12/20/2062		-		-		352,860		348,810				352,860		348,810
Government National Mortgage Association		0.84	%		12/20/2060		-		-		948,701		940,438				948,701		940,438
Government National Mortgage Association		0.85	%		3/20/2063		-		-		837,492		829,299				837,492		829,299
Government National Mortgage Association		0.87	%		4/20/2060		-		-		480,203		478,185				480,203		478,185
Government National Mortgage Association		0.89	%		11/20/2059		-		-		157,551		157,582				157,551		157,582
Government National Mortgage Association		0.89	%		3/20/2060		-		-		137,392		137,408				137,392		137,408
Government National Mortgage Association		0.89	%		6/20/2065		-		-		704,655		698,239				704,655		698,239
Government National Mortgage Association		0.91	%		1/20/2061		-		-		708,600		705,045				708,600		705,045
Government National Mortgage Association		0.91	%		7/20/2064		-		-		1,412,008		1,401,372				1,412,008		1,401,372
Government National Mortgage Association		0.91	%		9/20/2064		-		-		1,368,645		1,356,155				1,368,645		1,356,155
Government National Mortgage Association		0.91	%		8/20/2065		-		-		758,273		750,672				758,273		750,672
Government National Mortgage Association		0.92	%		2/20/2065		-		-		1,414,711		1,401,800				1,414,711		1,401,800
Government National Mortgage Association		0.94	%		6/20/2064		-		-		1,646,851		1,634,005				1,646,851		1,634,005
Government National Mortgage Association		0.94	%		7/20/2064		-		-		1,143,039		1,134,159				1,143,039		1,134,159
Government National Mortgage Association		0.94	%		12/20/2064		-		-		1,754,100		1,744,055				1,754,100		1,744,055
Government National Mortgage Association		0.94	%		7/20/2064		-		-		1,165,825		1,156,826				1,165,825		1,156,826
Government National Mortgage Association		0.95	%		10/20/2062		-		-		399,345		397,379				399,345		397,379
Government National Mortgage Association		0.96	%		9/20/2065		-		-		678,618		673,857				678,618		673,857
Government National Mortgage Association		0.99	%		7/20/2062		-		-		240,568		239,855				240,568		239,855
Government National Mortgage Association		1.02	%		9/20/2062		-		-		725,040		723,859				725,040		723,859
Government National Mortgage Association		1.02	%		5/20/2066		-		-		1,000,000		1,000,000				1,000,000		1,000,000
Government National Mortgage Association		1.04	%		11/20/2065		-		-		9,885,069		9,859,418				9,885,069		9,859,418
Government National Mortgage Association		1.04	%		11/20/2065		-		-		2,973,583		2,965,901				2,973,583		2,965,901
Government National Mortgage Association		1.09	%		5/20/2061		-		-		316,618		316,351				316,618		316,351
Government National Mortgage Association		1.09	%		1/20/2064		-		-		841,309		841,492				841,309		841,492
Government National Mortgage Association		1.09	%		2/20/2064		-		-		1,299,166		1,299,445				1,299,166		1,299,445
Government National Mortgage Association		1.09	%		3/20/2064		-		-		768,204		768,357				768,204		768,357
Government National Mortgage Association		1.10	%		12/20/2065		-		-		533,393		533,898				533,393		533,898
Government National Mortgage Association		1.14	%		5/20/2061		-		-		354,670		354,749				354,670		354,749
Government National Mortgage Association		1.65	%		1/20/2063		-		-		1,411,926		1,417,931				1,411,926		1,417,931
Government National Mortgage Association		1.65	%		2/20/2063		-		-		1,878,619		1,886,617				1,878,619		1,886,617
Government National Mortgage Association		1.75	%		3/20/2063		-		-		930,713		942,435				930,713		942,435

35

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
Government National Mortgage Association		3.50	%		11/20/2039	$	-	$	-	$	500,000	$	526,488			$	500,000	$	526,488
Government National Mortgage Association		4.76	%		10/20/2043		-		-		1,290,574		1,440,876				1,290,574		1,440,876
Government National Mortgage Association		5.00	%		4/16/2023		-		-		1,000,000		1,048,163				1,000,000		1,048,163
Government National Mortgage Association		5.48	%		1/20/2038		-		-		576,697		657,858				576,697		657,858
Government National Mortgage Association		5.50	%		9/20/2039		-		-		235,122		267,913				235,122		267,913
Government National Mortgage Association		5.50	%		4/20/2034		-		-		248,625		283,362				248,625		283,362
Government National Mortgage Association		5.50	%		7/20/2037		-		-		800,000		910,486				800,000		910,486
Government National Mortgage Association		5.50	%		8/20/2038		-		-		414,485		468,238				414,485		468,238
Government National Mortgage Association		5.50	%		11/20/2020		-		-		475,023		497,480				475,023		497,480
Government National Mortgage Association		5.50	%		1/16/2033		-		-		488,187		556,012				488,187		556,012
Government National Mortgage Association		5.54	%		7/20/2040		-		-		411,404		471,197				411,404		471,197
Government National Mortgage Association		5.86	%		12/20/2038		-		-		159,228		183,446				159,228		183,446
Government National Mortgage Association		6.00	%		9/20/2038		-		-		163,345		186,601				163,345		186,601
Government National Mortgage Association		6.00	%		8/20/2039		-		-		188,998		218,316				188,998		218,316
Government National Mortgage Association		6.50	%		6/20/2032		-		-		258,155		308,511				258,155		308,511
Government National Mortgage Association		6.50	%		6/20/2033		-		-		850,000		1,022,596				850,000		1,022,596
Government National Mortgage Association		6.50	%		7/20/2032		-		-		129,932		154,982				129,932		154,982
Government National Mortgage Association		6.50	%		7/16/2032		-		-		172,885		204,848				172,885		204,848
Government National Mortgage Association		6.50	%		6/20/2032		-		-		70,950		85,000				70,950		85,000
Government National Mortgage Association		6.50	%		10/16/2024		-		-		249,019		282,947				249,019		282,947
Government National Mortgage Association		7.33	%		11/20/2030		-		-		20,903		25,481				20,903		25,481
Government National Mortgage Association		7.50	%		11/20/2029		-		-		77,510		90,622				77,510		90,622
Government National Mortgage Association		8.00	%		6/20/2030		-		-		23,087		27,728				23,087		27,728
Government National Mortgage Association		8.50	%		2/16/2030		-		-		201,259		238,988				201,259		238,988
Government National Mortgage Association		9.00	%		5/16/2027		-		-		13,502		15,603				13,502		15,603
Government National Mortgage Association		12.50	%		10/20/2037		-		-		39,818		53,788				39,818		53,788
Government National Mortgage Association		15.37	%		6/17/2035		-		-		33,015		47,706				33,015		47,706
Government National Mortgage Association		15.75	%		5/18/2034		-		-		3,430		4,370				3,430		4,370
Government National Mortgage Association		18.45	%		4/16/2034		-		-		54,849		84,382				54,849		84,382
Government National Mortgage Association		18.86	%		9/20/2037		-		-		18,244		26,273				18,244		26,273
Government National Mortgage Association		21.71	%		4/20/2037		-		-		60,027		96,363				60,027		96,363
Government National Mortgage Association		27.26	%		9/20/2034		-		-		32,999		57,444				32,999		57,444
Government National Mortgage Association, Interest Only STRIPS		5.25	%		12/20/2038		-		-		72,025		11,094				72,025		11,094
Government National Mortgage Association, Interest Only STRIPS		5.38	%		2/20/2038		-		-		115,341		20,539				115,341		20,539
Government National Mortgage Association, Interest Only STRIPS		5.50	%		10/16/2037		-		-		195,187		22,083				195,187		22,083
Government National Mortgage Association, Interest Only STRIPS		5.55	%		11/20/2037		-		-		106,813		17,085				106,813		17,085
Government National Mortgage Association, Interest Only STRIPS		5.63	%		6/20/2039		-		-		81,603		14,435				81,603		14,435
Government National Mortgage Association, Interest Only STRIPS		5.65	%		10/20/2034		-		-		136,249		21,720				136,249		21,720
Government National Mortgage Association, Interest Only STRIPS		5.66	%		2/16/2039		-		-		42,819		6,806				42,819		6,806
Government National Mortgage Association, Interest Only STRIPS		5.75	%		5/20/2037		-		-		72,943		13,377				72,943		13,377
Government National Mortgage Association, Interest Only STRIPS		5.75	%		3/20/2037		-		-		83,451		14,694				83,451		14,694
Government National Mortgage Association, Interest Only STRIPS		5.75	%		6/20/2038		-		-		67,060		11,781				67,060		11,781
Government National Mortgage Association, Interest Only STRIPS		5.82	%		4/20/2039		-		-		103,771		16,485				103,771		16,485
Government National Mortgage Association, Interest Only STRIPS		5.85	%		9/20/2035		-		-		217,465		39,807				217,465		39,807
Government National Mortgage Association, Interest Only STRIPS		5.85	%		3/20/2039		-		-		92,061		10,828				92,061		10,828
Government National Mortgage Association, Interest Only STRIPS		5.96	%		5/16/2038		-		-		228,679		44,849				228,679		44,849
Government National Mortgage Association, Interest Only STRIPS		5.96	%		6/16/2039		-		-		147,270		12,704				147,270		12,704
Government National Mortgage Association, Interest Only STRIPS		6.03	%		6/16/2037		-		-		105,491		20,408				105,491		20,408
Government National Mortgage Association, Interest Only STRIPS		6.06	%		3/16/2034		-		-		154,924		6,821				154,924		6,821
Government National Mortgage Association, Interest Only STRIPS		6.10	%		12/20/2037		-		-		51,126		9,521				51,126		9,521
Government National Mortgage Association, Interest Only STRIPS		6.10	%		11/20/2037		-		-		51,724		9,400				51,724		9,400
Government National Mortgage Association, Interest Only STRIPS		6.25	%		7/20/2036		-		-		33,970		1,644				33,970		1,644
Government National Mortgage Association, Interest Only STRIPS		6.30	%		7/20/2037		-		-		190,006		35,479				190,006		35,479
Government National Mortgage Association, Interest Only STRIPS		6.33	%		8/20/2037		-		-		136,509		20,808				136,509		20,808
Government National Mortgage Association, Interest Only STRIPS		6.37	%		4/16/2037		-		-		64,227		13,512				64,227		13,512
Government National Mortgage Association, Interest Only STRIPS		6.50	%		3/20/2039		-		-		53,469		11,574				53,469		11,574
Government National Mortgage Association, Interest Only STRIPS		6.50	%		10/20/2032		-		-		22,135		297				22,135		297
Government National Mortgage Association, Interest Only STRIPS		7.51	%		4/16/2032		-		-		103,139		23,032				103,139		23,032
Government National Mortgage Association, Principal Only STRIPS		0.00	%		6/16/2033		-		-		70,390		63,316				70,390		63,316
Government National Mortgage Association, Principal Only STRIPS		0.00	%		3/16/2033		-		-		9,881		9,316				9,881		9,316
Government National Mortgage Association, Principal Only STRIPS		0.00	%		2/17/2033		-		-		73,967		71,228				73,967		71,228
Government National Mortgage Association, Principal Only STRIPS		0.00	%		3/20/2037		-		-		89,854		86,155				89,854		86,155
Government National Mortgage Association, Principal Only STRIPS		0.00	%		1/20/2038		-		-		30,157		27,990				30,157		27,990
Government National Mortgage Association, Principal Only STRIPS		0.00	%		11/16/2037		-		-		31,273		28,348				31,273		28,348
National Credit Union Administration Guaranteed Notes Trust		2.65	%		10/29/2020		-		-		27,813		27,832				27,813		27,832

36

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
National Credit Union Administration Guaranteed Notes Trust		2.90	%		10/29/2020	$	-	$	-	$	28,242	$	28,255			$	28,242	$	28,255
Residual Funding Corp., Principal Only STRIPS		0.00	%		10/15/2019		-		-		1,950,000		1,887,456				1,950,000		1,887,456
Residual Funding Corp., Principal Only STRIPS		0.00	%		7/15/2020		-		-		5,105,000		4,873,580				5,105,000		4,873,580
Residual Funding Corp., Principal Only STRIPS		0.00	%		10/15/2020		-		-		1,220,000		1,161,041				1,220,000		1,161,041
Tennessee Valley Authority		4.25	%		9/15/2065		-		-		632,000		741,693				632,000		741,693
Tennessee Valley Authority		4.63	%		9/15/2060		-		-		22,000		27,405				22,000		27,405
Tennessee Valley Authority		5.25	%		9/15/2039		-		-		400,000		548,179				400,000		548,179
Tennessee Valley Authority		5.88	%		4/1/2036		-		-		150,000		217,370				150,000		217,370
Tennessee Valley Authority, Principal Only STRIPS		0.00	%		3/15/2032		-		-		300,000		190,742				300,000		190,742
Tennessee Valley Authority, Principal Only STRIPS		0.00	%		5/1/2019		-		-		200,000		193,674				200,000		193,674
Tennessee Valley Authority, Principal Only STRIPS		0.00	%		11/1/2025		-		-		750,000		606,692				750,000		606,692
Tennessee Valley Authority, Principal Only STRIPS		0.00	%		1/15/2038		-		-		150,000		73,181				150,000		73,181
Vendee Mortgage Trust		7.50	%		2/15/2027		-		-		430,137		509,589				430,137		509,589
Total U.S. Government Agency Obligations									19,262				241,379,168						241,398,430
							Total Cost ($19,396)				Total Cost ($233,053,875)						Total Cost ($233,073,271)
U.S. Government Obligations - 27.7 %
U.S. Treasury Bond		2.50	%		2/15/2046		111,000		115,583		-		-				111,000		115,583
U.S. Treasury Bond		3.50	%		2/15/2039		-		-		4,220,000		5,325,771				4,220,000		5,325,771
U.S. Treasury Bond		3.88	%		8/15/2040		-		-		420,000		557,435				420,000		557,435
U.S. Treasury Bond		4.25	%		5/15/2039		-		-		50,000		69,883				50,000		69,883
U.S. Treasury Bond		4.25	%		11/15/2040		-		-		300,000		420,070				300,000		420,070
U.S. Treasury Bond		4.38	%		2/15/2038		-		-		4,700,000		6,700,071				4,700,000		6,700,071
U.S. Treasury Bond		4.38	%		11/15/2039		-		-		3,875,000		5,507,948				3,875,000		5,507,948
U.S. Treasury Bond		4.38	%		5/15/2040		-		-		200,000		284,547				200,000		284,547
U.S. Treasury Bond		4.50	%		5/15/2038		-		-		200,000		290,133				200,000		290,133
U.S. Treasury Bond		5.25	%		2/15/2029		-		-		130,000		183,818				130,000		183,818
U.S. Treasury Bond		5.38	%		2/15/2031		-		-		150,000		222,475				150,000		222,475
U.S. Treasury Bond		8.00	%		11/15/2021		-		-		1,000,000		1,361,445				1,000,000		1,361,445
U.S. Treasury Bond		8.50	%		2/15/2020		-		-		815,000		1,038,966				815,000		1,038,966
U.S. Treasury Bond		8.75	%		8/15/2020		-		-		2,100,000		2,768,720				2,100,000		2,768,720
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		8/15/2039		-		-		150,000		90,070				150,000		90,070
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		8/15/2031		-		-		1,000,000		744,878				1,000,000		744,878
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		2/15/2032		-		-		7,000,000		5,147,401				7,000,000		5,147,401
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		8/15/2032		-		-		1,150,000		833,507				1,150,000		833,507
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		2/15/2033		-		-		300,000		214,159				300,000		214,159
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		8/15/2033		-		-		400,000		281,606				400,000		281,606
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		2/15/2034		-		-		1,775,000		1,229,984				1,775,000		1,229,984
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		8/15/2034		-		-		150,000		102,369				150,000		102,369
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		2/15/2035		-		-		160,000		107,663				160,000		107,663
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		11/15/2030		-		-		2,525,000		1,918,470				2,525,000		1,918,470
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		5/15/2031		-		-		1,950,000		1,461,246				1,950,000		1,461,246
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		11/15/2031		-		-		3,330,000		2,464,383				3,330,000		2,464,383
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		5/15/2032		-		-		2,700,000		1,970,104				2,700,000		1,970,104
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		11/15/2032		-		-		1,250,000		899,651				1,250,000		899,651
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		5/15/2033		-		-		800,000		567,758				800,000		567,758
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		11/15/2033		-		-		2,400,000		1,678,097				2,400,000		1,678,097
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		5/15/2034		-		-		1,550,000		1,066,155				1,550,000		1,066,155
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		11/15/2034		-		-		1,450,000		982,358				1,450,000		982,358
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		11/15/2016		-		-		500,000		499,339				500,000		499,339
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		2/15/2017		-		-		10,850,000		10,820,065				10,850,000		10,820,065
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		8/15/2017		-		-		500,000		496,924				500,000		496,924
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		11/15/2017		-		-		250,000		247,997				250,000		247,997
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		2/15/2018		-		-		50,000		49,512				50,000		49,512
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		8/15/2018		-		-		5,000,000		4,935,980				5,000,000		4,935,980
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		5/15/2019		-		-		2,805,000		2,745,282				2,805,000		2,745,282
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		8/15/2019		-		-		850,000		829,134				850,000		829,134
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		11/15/2019		-		-		1,200,000		1,165,918				1,200,000		1,165,918
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		2/15/2020		-		-		2,160,000		2,092,872				2,160,000		2,092,872
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		5/15/2020		-		-		5,952,000		5,740,424				5,952,000		5,740,424
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		8/15/2020		-		-		5,200,000		5,002,962				5,200,000		5,002,962
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		2/15/2021		-		-		3,250,000		3,096,359				3,250,000		3,096,359
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		5/15/2021		-		-		5,040,000		4,785,661				5,040,000		4,785,661
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		8/15/2021		-		-		1,500,000		1,416,459				1,500,000		1,416,459
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		11/15/2021		-		-		2,260,000		2,122,221				2,260,000		2,122,221
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		2/15/2022		-		-		19,500,000		18,193,461				19,500,000		18,193,461
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		5/15/2022		-		-		2,640,000		2,452,668				2,640,000		2,452,668
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		8/15/2022		-		-		4,900,000		4,538,478				4,900,000		4,538,478
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		11/15/2022		-		-		700,000		644,763				700,000		644,763
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		2/15/2023		-		-		5,425,000		4,966,810				5,425,000		4,966,810
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		8/15/2023		-		-		2,520,000		2,284,509				2,520,000		2,284,509
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		5/15/2023		-		-		12,550,000		11,421,692				12,550,000		11,421,692
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		2/15/2024		-		-		200,000		179,289				200,000		179,289
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		5/15/2024		-		-		200,000		178,350				200,000		178,350
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		8/15/2024		-		-		1,300,000		1,151,715				1,300,000		1,151,715

37

						Voya Limited Maturity Bond VP				JPMorgan Core Bond VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value		Principal		Value		Principal	Value	Principal		Value
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		11/15/2024	$	-	$	-	$	500,000	$	440,867			$	500,000	$	440,867
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		2/15/2025		-		-		1,100,000		962,822				1,100,000		962,822
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		5/15/2025		-		-		500,000		434,629				500,000		434,629
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		8/15/2025		-		-		2,000,000		1,730,510				2,000,000		1,730,510
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		2/15/2026		-		-		100,000		85,438				100,000		85,438
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		8/15/2026		-		-		70,000		59,177				70,000		59,177
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		11/15/2026		-		-		1,350,000		1,133,191				1,350,000		1,133,191
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		2/15/2027		-		-		950,000		793,559				950,000		793,559
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		5/15/2027		-		-		200,000		166,005				200,000		166,005
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		8/15/2027		-		-		500,000		412,274				500,000		412,274
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		11/15/2027		-		-		1,090,000		893,605				1,090,000		893,605
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		2/15/2028		-		-		430,000		349,694				430,000		349,694
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		8/15/2028		-		-		1,250,000		1,005,576				1,250,000		1,005,576
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		5/15/2028		-		-		510,000		412,148				510,000		412,148
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		11/15/2028		-		-		200,000		159,887				200,000		159,887
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		5/15/2035		-		-		550,000		367,511				550,000		367,511
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		2/15/2029		-		-		1,742,000		1,384,395				1,742,000		1,384,395
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		8/15/2029		-		-		550,000		431,384				550,000		431,384
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		5/15/2029		-		-		150,000		118,342				150,000		118,342
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		11/15/2029		-		-		425,000		331,074				425,000		331,074
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		5/15/2030		-		-		430,000		330,961				430,000		330,961
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		2/15/2030		-		-		1,425,000		1,102,478				1,425,000		1,102,478
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		8/15/2030		-		-		550,000		420,396				550,000		420,396
U.S. Treasury Bond, Principal Only STRIPS		0.00	%		2/15/2031		-		-		1,250,000		943,064				1,250,000		943,064
U.S. Treasury Inflation Indexed Bond		2.13	%		2/15/2040		-		-		221,360		289,391				221,360		289,391
U.S. Treasury Inflation Indexed Bond		2.50	%		1/15/2029		-		-		111,422		141,175				111,422		141,175
U.S. Treasury Inflation Indexed Note		0.13	%		4/15/2019		-		-		204,186		208,501				204,186		208,501
U.S. Treasury Inflation Indexed Note		0.13	%		1/15/2022		-		-		239,925		244,524				239,925		244,524
U.S. Treasury Inflation Indexed Note		1.38	%		1/15/2020		-		-		335,197		357,888				335,197		357,888
U.S. Treasury Note		0.38	%		10/31/2016		3,475,000		3,475,236		-		-				3,475,000		3,475,236
U.S. Treasury Note		0.50	%		2/28/2017		760,000		760,208		-		-				760,000		760,208
U.S. Treasury Note		0.63	%		6/30/2018		188,000		188,088		-		-				188,000		188,088
U.S. Treasury Note		0.75	%		1/31/2018		79,700		79,915		-		-				79,700		79,915
U.S. Treasury Note		0.75	%		2/15/2019		886,000		887,730		1,000,000		1,001,953				1,886,000		1,889,683
U.S. Treasury Note		0.75	%		4/30/2018		190,000		190,549		-		-				190,000		190,549
U.S. Treasury Note		0.75	%		2/28/2018		9,523,000		9,549,036		-		-				9,523,000		9,549,036
U.S. Treasury Note		0.88	%		7/31/2019		-		-		70,000		70,287				70,000		70,287
U.S. Treasury Note		1.00	%		6/15/2019		157,000		157,779		-		-				157,000		157,779
U.S. Treasury Note		1.00	%		6/30/2021		1,177,000		1,182,839		-		-				1,177,000		1,182,839
U.S. Treasury Note		1.00	%		6/30/2019		-		-		130,000		131,102				130,000		131,102
U.S. Treasury Note		1.00	%		8/31/2019		-		-		500,000		503,848				500,000		503,848
U.S. Treasury Note		1.00	%		11/30/2019		-		-		400,000		402,609				400,000		402,609
U.S. Treasury Note		1.25	%		11/30/2018		-		-		740,000		750,551				740,000		750,551
U.S. Treasury Note		1.25	%		6/30/2023		220,000		221,134		-		-				220,000		221,134
U.S. Treasury Note		1.38	%		4/30/2020		-		-		4,000,000		4,075,312				4,000,000		4,075,312
U.S. Treasury Note		1.38	%		5/31/2021		-		-		-		-				-		-
U.S. Treasury Note		1.50	%		1/31/2022		-		-		300,000		306,070				300,000		306,070
U.S. Treasury Note		1.50	%		8/31/2018		-		-		200,000		203,773				200,000		203,773
U.S. Treasury Note		1.50	%		5/31/2019		-		-		5,000,000		5,112,890				5,000,000		5,112,890
U.S. Treasury Note		1.63	%		5/15/2026		310,000		313,790		-		-				310,000		313,790
U.S. Treasury Note		1.63	%		8/15/2022		-		-		500,000		512,735				500,000		512,735
U.S. Treasury Note		1.63	%		7/31/2020		4,496,000		4,623,327		-		-				4,496,000		4,623,327
U.S. Treasury Note		1.75	%		9/30/2022		-		-		350,000		361,088				350,000		361,088
U.S. Treasury Note		1.75	%		1/31/2023		378,000		389,606		-		-				378,000		389,606
U.S. Treasury Note		1.75	%		5/15/2023		-		-		1,300,000		1,341,083				1,300,000		1,341,083
U.S. Treasury Note		1.75	%		10/31/2020		-		-		5,000,000		5,168,165				5,000,000		5,168,165
U.S. Treasury Note		2.00	%		11/30/2020		-		-		14,000,000		14,629,454				14,000,000		14,629,454
U.S. Treasury Note		2.00	%		10/31/2021		-		-		150,000		157,107				150,000		157,107
U.S. Treasury Note		2.00	%		7/31/2022		-		-		1,500,000		1,570,546				1,500,000		1,570,546
U.S. Treasury Note		2.13	%		1/31/2021		-		-		2,500,000		2,628,710				2,500,000		2,628,710
U.S. Treasury Note		2.13	%		8/31/2020		-		-		1,500,000		1,573,242				1,500,000		1,573,242
U.S. Treasury Note		2.13	%		5/15/2025		-		-		3,000,000		3,168,867				3,000,000		3,168,867
U.S. Treasury Note		2.13	%		6/30/2022		-		-		650,000		685,344				650,000		685,344

38

						Voya Limited Maturity Bond VP					JPMorgan Core Bond VP					Adjustments				Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Principal		Value			Principal		Value			Principal	Value			Principal		Value
U.S. Treasury Note		2.25	%		7/31/2018	$	-	$	-		$	500,000	$	516,933						$	500,000	$	516,933
U.S. Treasury Note		2.25	%		4/30/2021		-		-			335,000		354,563							335,000		354,563
U.S. Treasury Note		2.38	%		8/15/2024		-		-			2,380,000		2,561,846							2,380,000		2,561,846
U.S. Treasury Note		2.63	%		8/15/2020		-		-			550,000		587,984							550,000		587,984
U.S. Treasury Note		2.63	%		11/15/2020		-		-			650,000		696,414							650,000		696,414
U.S. Treasury Note		2.75	%		12/31/2017		-		-			50,000		51,607							50,000		51,607
U.S. Treasury Note		3.13	%		5/15/2019		-		-			1,000,000		1,068,828							1,000,000		1,068,828
U.S. Treasury Note		3.13	%		10/31/2016		-		-			150,000		151,371							150,000		151,371
U.S. Treasury Note		3.13	%		4/30/2017		-		-			300,000		306,442							300,000		306,442
U.S. Treasury Note		3.25	%		12/31/2016		-		-			4,000,000		4,056,376							4,000,000		4,056,376
U.S. Treasury Note		3.63	%		2/15/2020		-		-			700,000		770,274							700,000		770,274
Total U.S. Government Obligations									22,134,820					209,737,825									231,872,645
							Total Cost ($21,955,349)					Total Cost ($193,606,877)									Total Cost ($215,562,226)
						Shares		Value			Shares		Value			Shares	Value			Shares		Value
Securities Lending Collateral - 4.2 %
State Street Navigator Securities Lending Trust - Prime Portfolio		0.51	%				3,325,155		3,325,155			31,670,629		31,670,629							34,995,784		34,995,784
Total Securities Lending Collateral									3,325,155					31,670,629									34,995,784
							Total Cost ($3,325,155)					Total Cost ($31,670,629)									Total Cost ($34,995,784)
						Principal		Value			Principal		Value			Principal	Value			Principal		Value
Repurchase Agreement - 4.2 %
State Street Bank & Trust Co.		0.03	%		7/1/2016	$	1,461,855		1,461,855		$	33,858,541		33,858,541						$	35,320,396		35,320,396
Total Repurchase Agreement									1,461,855					33,858,541									35,320,396
							Total Cost ($1,461,855)					Total Cost ($33,858,541)									Total Cost ($35,320,396)
Total Investments									89,307,871					785,406,235									874,714,106
							Total Cost ($88,850,885)					Total Cost ($753,522,401)									Total Cost ($842,373,286)
Other Assets and Liabilities - (4.4)%									(3,248,278	)				(34,143,187	)			(40,000	)(a)				(37,431,465	)
Net Assets								$	86,059,593				$	751,263,048			($	40,000	)			$	837,282,641

39

	Fixed Rate			Expiration Date			Notional Amount			Fair Value			Premiums (Received)		Net Unrealized Appreciation (Depreciation)			Notional Amount		Fair Value		Premiums (Received)		Net Unrealized Appreciation (Depreciation)			Notional Amount			Fair Value			Premiums (Received)		Net Unrealized Appreciation (Depreciation)
Centrally Cleared Swap Agreements:
Interest Rate Swap Agreements - Fixed Rate Payable
3-Month USD-LIBOR		1.49	%		7/31/2020	USD		4,496,000		$	(134,095	)	$	-	$	(134,095	)		-		-		-		-	USD		4,496,000		$	(134,095	)		-	$	(134,095	)
3-Month USD-LIBOR		1.56	%		11/4/2020	USD		4,356,000			(124,003	)		-		(124,003	)		-		-		-		-	USD		4,356,000			(124,003	)		-		(124,003	)
Total Centrally Cleared Swap Agreements:										$	(258,098	)	$	-	$	(258,098	)				-		-		-					$	(258,098	)	$	-	$	(258,098	)
	Long/Short			Expiration Date			Number of Contracts						Unrealized Appreciation		Unrealized Depreciation			Number of Contracts				Unrealized Appreciation		Unrealized Depreciation			Number of Contracts						Unrealized Appreciation		Unrealized Depreciation
Futures Contracts
2-Year U.S. Treasury Note		Long			9/30/2016			102					$	151,302	$	-							-		-			102					$	151,302	$	-
5-Year U.S. Treasury Note		Long			9/30/2016			13						26,887									-		-			13						26,887		-
10-Year U.S. Treasury Note		Short			9/21/2016			(7	)					-		(26,593	)						-		-			(7	)					-		(26,593	)
U.S. Treasury Bond		Short			9/21/2016			(1	)					435									-		-			(1	)					435		-
Total Futures Contracts													$	178,624	$	(26,593	)						-		-								$	178,624	$	(26,593	)

40

VALUATION SUMMARY:

Investments	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value			Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value		Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
Asset-Backed Securities	$	-		$	13,207,049		$	-	$	13,207,049		$	-	$	75,118,850	$	383,145	$	75,501,995	$	-		$	88,325,899		$	383,145	$	88,709,044
Corporate Debt Securities		-			41,383,322			-		41,383,322			-		153,958,990		-		153,958,990		-			195,342,312			-		195,342,312
Foreign Government Obligations		-			-			-		-			-		8,301,021		-		8,301,021		-			8,301,021			-		8,301,021
Mortgage-Backed Securities		-			7,776,408			-		7,776,408			-		29,348,395		642,715		29,991,110		-			37,124,803			642,715		37,767,518
Municipal Government Obligations		-			-			-		-			-		1,006,956		-		1,006,956		-			1,006,956			-		1,006,956
U.S. Government Agency Obligations		-			19,262			-		19,262			-		241,379,168		-		241,379,168		-			241,398,430			-		241,398,430
U.S. Government Obligations		-			22,134,820			-		22,134,820			-		209,737,825		-		209,737,825		-			231,872,645			-		231,872,645
Securities Lending Collateral		3,325,155			-			-		3,325,155			31,670,629		-		-		31,670,629		34,995,784			-			-		34,995,784
Repurchase Agreement		-			1,461,855			-		1,461,855			-		33,858,541		-		33,858,541		-			35,320,396			-		35,320,396
Total Investments	$	3,325,155		$	85,982,716		$	-	$	89,307,871		$	31,670,629	$	752,709,746	$	1,025,860	$	785,406,235	$	34,995,784		$	838,692,462		$	1,025,860	$	874,714,106
Other Financial Instruments
Futures Contracts	$	178,624		$	-		$	-	$	178,624		$	-	$	-	$	-	$	-	$	178,624		$	-		$	-	$	178,624
Total Other Financial Instruments	$	178,624		$	-		$	-	$	178,624		$	-	$	-	$	-	$	-	$	178,624		$	-		$	-	$	178,624
Liabilities
Other Financial Instruments
Centrally Cleared Swap Agreements:	$	-		$	(258,098	)	$	-	$	(258,098	)	$	-	$	-	$	-	$	-	$	-		$	(258,098	)	$	-	$	(258,098	)
Futures Contracts		(26,593	)		-			-		(26,593	)		-		-		-		-		(26,593	)		-			-		(26,593	)
Total Other Financial Instruments	$	(26,593	)	$	(258,098	)	$	-	$	(284,691	)	$	-	$	-	$	-	$	-	$	(26,593	)	$	(258,098	)	$	-	$	(284,691	)

(a)-(i) See Note 2 of the Notes to the Pro Forma Financial Statements.

As of June 30, 2016, all securities held by the Target Portfolio would comply with the investment restrictions of the Destination Portfolio.

41

Reorganization Between Voya Limited Maturity VP and JPMorgan Core Bond VP

PRO FORMA STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2016

		Voya Limited Maturity VP				JPMorgan Core Bond VP				Adjustments					Combined Pro Forma Portfolio
Assets:
Investments, at value	$		87,846,016		$		751,547,694		$		-			$		839,393,710
Repurchase agreements, at value			1,461,855				33,858,541				-					35,320,396
Cash on deposit with broker			277,000				-				-					277,000
Cash			-				591,738				-					591,738
Receivables:											-					-
Shares sold			-				58,637				-					58,637
Investments sold			1,095,328				367,631				-					1,462,959
Interest			354,041				2,792,120				-					3,146,161
Dividends			-				-				-					-
Tax reclaims			480				138				-					618
Net income from securities lending			1,661				7,760				-					9,421
Variation margin receivable			6,570				-				-					6,570
Prepaid Expenses			405				3,329				-					3,734
Total assets	$		91,043,356		$		789,227,588		$		-			$		880,270,944
Liabilities:
Accounts payable and accrued liabilities:
Shares redeemed			2				42,402				-					42,404
Investments purchased			1,282,066				1,552,707				-					2,834,773
When-issued, delayed-delivery, and forward commitment securities purchased			309,692				4,154,263				-					4,463,955
Investment management fees			37,516				291,952				-					329,468
Distribution and service fees			154				50,159				-					50,313
Transfer agent fees			212				1,525				-					1,737
Trustees, CCO and deferred compensation fees			211				1,311				-					1,522
Audit and tax fees			8,263				14,779				-					23,042
Custody fees			16,892				83,569				-					100,461
Legal fees			2,050				15,157				-					17,207
Printing and shareholder reports fees			617				79,061				-					79,678
Registration fees			-				-				-					-
Distribution payable to shareholders			-				-				-					-
Other			933				7,026				40,000		(a)			47,959
Collateral for securities on loan			3,325,155				31,670,629				-					34,995,784
Total liabilities			4,983,763				37,964,540				40,000					42,988,303
Net Assets	$		86,059,593		$		751,263,048		$		(40,000	)		$		837,282,641
Net Assets Consist of:
Capital stock ($0.01 par value)	$		84,871		$		546,171		$		(21,062	)	(b)	$		609,980
Additional paidin capital			84,702,802				699,433,916				902,063		(b)			785,038,781
Undistributed (distributions in excess of) net investment income (loss)			1,411,326				22,773,976				(1,411,326	)	(b)			22,773,976
Accumulated net realized gain (loss)			(490,325	)			(3,374,849	)			490,325		(b)			(3,374,849	)
Net unrealized appreciation (depreciation) on:
Investments			456,986				31,883,834				-					32,340,820
Swap agreements			(258,098	)			-				-					(258,098	)
Futures contracts			152,031				-				-					152,031
Translation of assets and liabilities denominated in foreign currencies			-				-				-					-
Net Assets	$		86,059,593		$		751,263,048		$		(40,000	)		$		837,282,641
Net assets by class:
Initial Class	$		85,305,899		$		501,292,829		$		(26,691	)	(a)	$		586,572,037
Service Class			753,694				249,970,219				(13,309	)	(a)			250,710,604
Shares outstanding (unlimited shares, no par value):
Initial Class			8,412,414				37,179,193				(2,084,083	)	(c)			43,507,524
Service Class			74,696				17,437,859				(22,100	)	(c)			17,490,455
Net asset value per share:
Initial Class	$		10.14		$		13.48		$		(10.14	)	(d)	$		13.48
Service Class			10.09				14.33				(10.09	)	(d)			14.33
Investments, at cost	$		87,389,030		$		719,663,860				-			$		807,052,890
Securities loaned, at value			3,257,190				31,022,818				-					34,280,008
Repurchase agreements, at cost			1,461,855				33,858,541				-					35,320,396

(a)-(i) See Note 2 of the Notes to the Pro Forma Financial Statements.

THE NOTES TO THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS REPORT.

Information Classification: Limited Access

42

Reorganization Between Voya Limited Maturity VP and JPMorgan Core Bond VP

PRO FORMA STATEMENT OF OPERATIONS

For the twelve-month period ended June 30, 2016

	Voya Limited Maturity VP			JPMorgan Core Bond VP		Adjustments				Combined Pro Forma Portfolio
Investment Income:
Dividend income	$	-		$	-	$	-			$	-
Interest income		1,419,927			18,910,627		-				20,330,554
Net income (loss) from securities lending		21,410			46,619		-				68,029
Withholding taxes on foreign income		-			-						-
Total investment income		1,441,337			18,957,246		-				20,398,583
Expenses:
Investment advisory fees		293,786			2,033,809		89,079		(e)		2,416,674
Investment management fees		154,249			1,159,639		-				1,313,888
Distribution and service fees:
Service Class		1,867			518,997		(661	)	(f)		520,203
Administration fees		17,254			132,744		(149,998	)	(g)		-
Transfer agent fees		1,233			9,870		-				11,103
Trustees, CCO and deferred compensation fees		2,188			17,475		-				19,663
Audit and tax fees		15,197			25,328		(14,342	)	(h)		26,183
Custody fees		66,834			260,133		(60,254	)	(i)		266,713
Legal fees		5,118			43,457		-				48,575
Printing and shareholder reports fees		382			72,330		-				72,712
Registration fees		-			-		-				-
Other		2,663			20,238		-				22,901
Total expenses before waiver and/or reimbursment and recapture		560,771			4,294,020		(136,176	)			4,718,615
Expenses waived and/or reimbursed:
Fund level		-			-		-				-
Initial Class		-			-		-				-
Service Class		-			-		-				-
Recapture of previously waived and/or reimbursed fees:
Fund level		-			-		-				-
Initial Class		-			-		-				-
Service Class		-			-		-				-
Net expenses		560,771			4,294,020		(136,176	)			4,718,615
Net investment income (loss)		880,566			14,663,226		136,176				15,679,968
Net realized gain (loss) on:
Investments		(197,932	)		728,203		-				530,271
Swap agreements		(34,532	)		-						(34,532	)
Futures contracts		(48,505	)		-						(48,505	)
Foreign currency transactions		(100	)		-		-				(100	)
Net realized gain (loss)		(281,069	)		728,203		-				447,134
Net change in unrealized appreciation (depreciation) on:
Investments		652,745			21,893,842		-				22,546,587
Swap agreements		(258,098	)		-						(258,098	)
Futures contracts		124,711			-						124,711
Translation of assets and liabilities denominated in foreign cuurencies		-			-		-				-
Net change in unrealized appreciation (depreciation)		519,358			21,893,842		-				22,413,200
Net realized and change in unrealized gain (loss)		238,289			22,622,045		-				22,860,334
Net increase in net assets resulting from operations	$	1,118,855		$	37,285,271	$	136,176			$	38,540,302

(a)-(i) See Note 2 of the Notes to the Pro Forma Financial Statements.

THE NOTES TO THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS REPORT.

Information Classification: Limited Access

43

Reorganization Between Voya Mid Cap Opportunities VP and Janus Mid-Cap Growth VP

PRO FORMA SCHEDULE OF INVESTMENTS

At June 30, 2016

			Voya Mid Cap Opportunities VP				Janus Mid-Cap Growth VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate	Maturity Date	Shares		Value		Shares		Value		Shares	Value	Shares		Value
Common Stocks - 98.5 %
Aerospace & Defense
Orbital ATK, Inc.				31,031	$	2,641,979		-	$	-				31,031	$	2,641,979
Teledyne Technologies, Inc.				-		-		68,000		6,735,400				68,000		6,735,400
Textron, Inc.				51,761		1,892,382		-		-				51,761		1,892,382
TransDigm Group, Inc.				-		-		11,718		3,089,919				11,718		3,089,919
Air Freight & Logistics
Expeditors International of Washington, Inc.				-		-		170,343		8,353,621				170,343		8,353,621
Airlines
Ryanair Holdings PLC				-		-		59,171		4,114,751				59,171		4,114,751
Southwest Airlines Co.				52,714		2,066,916		-		-				52,714		2,066,916
Auto Components
Lear Corp.				13,597		1,383,631		-		-				13,597		1,383,631
Beverages
Monster Beverage Corp.				16,143		2,594,342		-		-				16,143		2,594,342
Biotechnology
AbbVie, Inc.				-		-		68,300		4,228,453				68,300		4,228,453
BioMarin Pharmaceutical, Inc.				30,552		2,376,946		-		-				30,552		2,376,946
Celgene Corp.				-		-		72,100		7,111,223				72,100		7,111,223
DBV Technologies SA				-		-		48,200		1,572,284				48,200		1,572,284
Medivation, Inc.				-		-		112,800		6,801,840				112,800		6,801,840
Building Products
A.O. Smith Corp.				-		-		63,700		5,612,607				63,700		5,612,607
Allegion PLC				-		-		49,472		3,434,841				49,472		3,434,841
Masco Corp.				95,104		2,942,518		-		-				95,104		2,942,518
Capital Markets
Affiliated Managers Group, Inc.				14,880		2,094,658		-		-				14,880		2,094,658
LPL Financial Holdings, Inc.				-		-		226,400		5,100,792				226,400		5,100,792
TD Ameritrade Holding Corp.				94,843		2,700,654		248,506		7,076,208				343,349		9,776,862
Chemicals
Eastman Chemical Co.				42,524		2,887,380		-		-				42,524		2,887,380
Potash Corp. of Saskatchewan, Inc.				-		-		134,100		2,177,784				134,100		2,177,784
Commercial Services & Supplies
Edenred				-		-		191,381		3,918,736				191,381		3,918,736
Ritchie Bros Auctioneers, Inc.				-		-		252,100		8,515,938				252,100		8,515,938
Waste Connections, Inc.				38,038		2,740,638		-		-				38,038		2,740,638
Containers & Packaging
Crown Holdings, Inc.				65,096		3,298,414		-		-				65,096		3,298,414
Packaging Corp. of America				46,336		3,101,268		-		-				46,336		3,101,268
Sealed Air Corp.				57,782		2,656,239		116,383		5,350,127				174,165		8,006,366
Distributors
LKQ Corp.				100,541		3,187,150		-		-				100,541		3,187,150
Diversified Consumer Services
ServiceMaster Global Holdings, Inc.				-		-		153,000		6,089,400				153,000		6,089,400
Diversified Financial Services
FactSet Research Systems, Inc.				-		-		22,200		3,583,524				22,200		3,583,524
Markit, Ltd.				-		-		200,900		6,549,340				200,900		6,549,340
Moody’s Corp.				38,180		3,577,848		-		-				38,180		3,577,848
MSCI, Inc.				-		-		125,900		9,709,408				125,900		9,709,408
Electrical Equipment
AMETEK, Inc.				-		-		82,500		3,813,975				82,500		3,813,975
Sensata Technologies Holding NV				-		-		385,191		13,439,314				385,191		13,439,314

44

			Voya Mid Cap Opportunities VP				Janus Mid-Cap Growth VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate	Maturity Date	Shares		Value		Shares		Value		Shares	Value	Shares		Value
Electronic Equipment, Instruments & Components
Amphenol Corp.				56,700	$	3,250,611		96,400	$	5,526,612				153,100	$	8,777,223
Belden, Inc.				-		-		82,200		4,962,414				82,200		4,962,414
Flextronics International, Ltd.				-		-		452,014		5,333,765				452,014		5,333,765
FLIR Systems, Inc.				-		-		-		-				-		-
National Instruments Corp.				33,060		1,023,207		226,591		6,208,594				259,651		7,231,801
TE Connectivity, Ltd.				-		-		145,000		8,280,950				145,000		8,280,950
Food Products
Mead Johnson Nutrition Co.				51,031		4,631,063		69,337		6,292,333				120,368		10,923,396
TreeHouse Foods, Inc.				33,989		3,488,971		-		-				33,989		3,488,971
Health Care Equipment & Supplies
ABIOMED, Inc.				10,120		1,106,015		-		-				10,120		1,106,015
Boston Scientific Corp.				-		-		584,100		13,650,417				584,100		13,650,417
DexCom, Inc.				-		-		34,222		2,714,831				34,222		2,714,831
Edwards Lifesciences Corp.				42,970		4,285,398		-		-				42,970		4,285,398
Hologic, Inc.				97,427		3,370,974		-		-				97,427		3,370,974
Intuitive Surgical, Inc.				6,787		4,488,990		-		-				6,787		4,488,990
Masimo Corp.				-		-		38,820		2,038,632				38,820		2,038,632
Nevro Corp.				14,187		1,046,433		-		-				14,187		1,046,433
NuVasive, Inc.				42,436		2,534,278		-		-				42,436		2,534,278
STERIS PLC				-		-		69,969		4,810,369				69,969		4,810,369
Teleflex, Inc.				-		-		55,968		9,923,686				55,968		9,923,686
Varian Medical Systems, Inc.				-		-		149,800		12,318,054				149,800		12,318,054
Health Care Providers & Services
Laboratory Corp. of America Holdings				15,910		2,072,595		-		-				15,910		2,072,595
Henry Schein, Inc.				-		-		56,700		10,024,560				56,700		10,024,560
VCA, Inc.				37,280		2,520,501		-		-				37,280		2,520,501
Health Care Technology
athenahealth, Inc.				-		-		73,902		10,199,215				73,902		10,199,215
IMS Health Holdings, Inc.				-		-		140,846		3,571,855				140,846		3,571,855
Hotels, Restaurants & Leisure
Aramark				-		-		97,400		3,255,108				97,400		3,255,108
Domino’s Pizza, Inc.				22,949		3,015,040		-		-				22,949		3,015,040
Dunkin’ Brands Group, Inc.				-		-		185,400		8,087,148				185,400		8,087,148
Marriott International, Inc.				22,014		1,463,050		-		-				22,014		1,463,050
Household Products
Church & Dwight Co., Inc.				42,017		4,323,129		-		-				42,017		4,323,129
Industrial Conglomerates
Roper Technologies, Inc.				12,711		2,167,988		29,100		4,963,296				41,811		7,131,284
Insurance
Aon PLC				19,068		2,082,798		98,600		10,770,078				117,668		12,852,876
Arthur J. Gallagher & Co.				65,730		3,128,748		-		-				65,730		3,128,748
Internet Software & Services
Cimpress NV				-		-		77,700		7,185,696				77,700		7,185,696
CoStar Group, Inc.				12,320		2,693,891		35,800		7,828,028				48,120		10,521,919
Dropbox, Inc.				-		-		423,376		1,627,881				423,376		1,627,881
WebMD Health Corp.				32,182		1,870,096		-		-				32,182		1,870,096
IT Services
Amdocs, Ltd.				-		-		207,100		11,953,812				207,100		11,953,812
Broadridge Financial Solutions, Inc.				-		-		136,579		8,904,951				136,579		8,904,951
Fidelity National Information Services, Inc.				-		-		81,171		5,980,679				81,171		5,980,679
Gartner, Inc.				21,281		2,072,982		46,400		4,519,824				67,681		6,592,806
Global Payments, Inc.				-		-		75,969		5,422,667				75,969		5,422,667
Jack Henry & Associates, Inc.				-		-		101,583		8,865,149				101,583		8,865,149
Paychex, Inc.				64,255		3,823,173		-		-				64,255		3,823,173
Sabre Corp.				110,513		2,960,643		-		-				110,513		2,960,643
Vantiv, Inc.				57,824		3,272,838		-		-				57,824		3,272,838
WEX, Inc.				-		-		92,500		8,201,975				92,500		8,201,975

45

			Voya Mid Cap Opportunities VP				Janus Mid-Cap Growth VP				Adjustments		Combined Pro Forma Portfolio
	Coupon Rate	Maturity Date	Shares		Value		Shares		Value		Shares	Value	Shares		Value
Leisure Products
Hasbro, Inc.				37,482	$	3,148,113		-	$	-				37,482	$	3,148,113
Polaris Industries, Inc.				-		-		40,545		3,314,959				40,545		3,314,959
Life Sciences Tools & Services
Mettler-Toledo International, Inc.				-		-		6,100		2,226,012				6,100		2,226,012
PerkinElmer, Inc.				38,480		2,017,122		168,900		8,853,738				207,380		10,870,860
Quintiles Transnational Holdings, Inc.				43,800		2,861,016		37,300		2,436,436				81,100		5,297,452
Waters Corp.				-		-		47,600		6,694,940				47,600		6,694,940
Machinery
Ingersoll-Rand PLC				41,452		2,639,663		-		-				41,452		2,639,663
Middleby Corp.				-		-		33,200		3,826,300				33,200		3,826,300
Stanley Black & Decker, Inc.				24,208		2,692,414		-		-				24,208		2,692,414
Wabtec Corp.				-		-		38,000		2,668,740				38,000		2,668,740
Media
AMC Networks, Inc.				40,442		2,443,506		-		-				40,442		2,443,506
Interpublic Group of Cos., Inc.				128,280		2,963,268		-		-				128,280		2,963,268
Omnicom Group, Inc.				-		-		93,200		7,594,868				93,200		7,594,868
Multiline Retail
Dollar General Corp.				65,575		6,164,050		36,900		3,468,600				102,475		9,632,650
Dollar Tree, Inc.				-		-		38,800		3,656,512				38,800		3,656,512
Oil, Gas & Consumable Fuels
EQT Corp.				30,405		2,354,259		-		-				30,405		2,354,259
World Fuel Services Corp.				-		-		112,400		5,337,876				112,400		5,337,876
Pharmaceuticals
Prestige Brands Holdings, Inc.				19,140		1,060,356		-		-				19,140		1,060,356
Zoetis, Inc.				85,122		4,039,890		-		-				85,122		4,039,890
Professional Services
Equifax, Inc.				29,516		3,789,854		-		-				29,516		3,789,854
Verisk Analytics, Inc.				-		-		186,200		15,097,096				186,200		15,097,096
Nielsen Holdings PLC				18,944		984,520		-		-				18,944		984,520
Real Estate Investment Trusts
Communications Sales & Leasing, Inc.				70,920		2,049,588		-		-				70,920		2,049,588
Crown Castle International Corp.				-		-		179,856		18,242,794				179,856		18,242,794
Equinix, Inc.				11,882		4,607,008		-		-				11,882		4,607,008
Equity Lifestyle Properties, Inc.				4,373		350,058		-		-				4,373		350,058
Lamar Advertising Co.				-		-		211,900		14,048,970				211,900		14,048,970
Road & Rail
Canadian Pacific Railway, Ltd.				-		-		37,200		4,790,988				37,200		4,790,988
Semiconductors & Semiconductor Equipment
Applied Materials, Inc.				106,389		2,550,144		-		-				106,389		2,550,144
Integrated Device Technology, Inc.				125,676		2,529,858		-		-				125,676		2,529,858
KLA-Tencor Corp.				-		-		113,600		8,321,200				113,600		8,321,200
Lam Research Corp.				-		-		67,587		5,681,363				67,587		5,681,363
Maxim Integrated Products, Inc.				82,394		2,940,642		-		-				82,394		2,940,642
Microchip Technology, Inc.				-		-		113,500		5,761,260				113,500		5,761,260
ON Semiconductor Corp.				-		-		636,800		5,616,576				636,800		5,616,576
Xilinx, Inc.				-		-		220,600		10,176,278				220,600		10,176,278
Software
Atlassian Corp. PLC				-		-		117,741		3,049,492				117,741		3,049,492
Cadence Design Systems, Inc.				-		-		469,600		11,411,280				469,600		11,411,280
Constellation Software, Inc.				-		-		21,481		8,313,568				21,481		8,313,568
Intuit, Inc.				22,422		2,502,519		74,000		8,259,140				96,422		10,761,659
Nice, Ltd.				-		-		149,100		9,520,035				149,100		9,520,035
Red Hat, Inc.				51,825		3,762,495		-		-				51,825		3,762,495
SS&C Technologies Holdings, Inc.				90,776		2,548,990		265,000		7,441,200				355,776		9,990,190
Ultimate Software Group, Inc.				10,150		2,134,444		-		-				10,150		2,134,444

46

					Voya Mid Cap Opportunities VP				Janus Mid-Cap Growth VP				Adjustments				Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date	Shares		Value		Shares		Value		Shares		Value		Shares		Value
Specialty Retail
Burlington Stores, Inc.						50,116	$	3,343,238		-	$	-						50,116	$	3,343,238
Five Below, Inc.						67,592		3,136,945		-		-						67,592		3,136,945
Foot Locker, Inc.						55,187		3,027,559		-		-						55,187		3,027,559
Monro Muffler Brake, Inc.						-		-		24,800		1,576,288						24,800		1,576,288
O’Reilly Automotive, Inc.						18,290		4,958,419		-		-						18,290		4,958,419
Ross Stores, Inc.						75,734		4,293,360		-		-						75,734		4,293,360
Ulta Salon Cosmetics & Fragrance, Inc.						20,247		4,932,979		-		-						20,247		4,932,979
Williams-Sonoma, Inc.						-		-		68,272		3,559,019						68,272		3,559,019
Textiles, Apparel & Luxury Goods
Carter’s, Inc.						-		-		41,300		4,397,211						41,300		4,397,211
Coach, Inc.						81,304		3,312,325		-		-						81,304		3,312,325
Gildan Activewear, Inc.						-		-		335,000		9,825,550						335,000		9,825,550
Wolverine World Wide, Inc.						-		-		236,400		4,803,648						236,400		4,803,648
Trading Companies & Distributors
Fastenal Co.						-		-		68,300		3,031,837						68,300		3,031,837
MSC Industrial Direct Co., Inc.						26,542		1,872,804		-		-						26,542		1,872,804
Total Common Stocks								200,847,781				542,805,838		-		-				743,653,619
						Total Cost ($185,146,932)				Total Cost ($521,215,628)								Total Cost ($706,362,560)
Convertible Preferred Stock - 0.0 %
Internet Software & Services
Dropbox, Inc.		0.00	%			-		-		41,951	$	161,301						41,951	$	161,301
Total Convertible Preferred Stock								-				161,301		-		-				161,301
										Total Cost ($379,619)								Total Cost ($379,619)

47

						Voya Mid Cap Opportunities VP					Janus Mid-Cap Growth VP					Adjustments					Combined Pro Forma Portfolio
	Coupon Rate			Maturity Date		Shares		Value			Shares		Value			Shares		Value			Shares		Value
Preferred Stock - 0.0 %
Internet Software & Services
Peixe Urbano, Inc.		0.00	%				-	$	-			65,743	$	28,269								65,743	$	28,269
Total Preferred Stock									-					28,269			-		-					28,269
												Total Cost ($2,164,318)										Total Cost ($2,164,318)
Securities Lending Collateral - 10.2 %
State Street Navigator Securities Lending Trust -Prime Portfolio		0.51	%				17,041,377	$	17,041,377			60,168,288	$	60,168,288								77,209,665	$	77,209,665
Total Securities Lending Collateral									17,041,377					60,168,288			-		-					77,209,665
							Total Cost ($17,041,377)					Total Cost ($60,168,288)										Total Cost ($77,209,665)
						Principal		Value			Principal		Value								Principal		Value
Repurchase Agreement - 1.2 %
State Street Bank & Trust Co.		0.03	%		07/01/2016	$	3,716,766	$	3,716,766		$	5,427,596	$	5,427,596							$	9,144,362	$	9,144,362
Total Repurchase Agreement									3,716,766					5,427,596			-		-					9,144,362
							Total Cost ($3,716,766)					Total Cost ($5,427,596)										Total Cost ($9,144,362)
Total Investments									221,605,924					608,591,292					-					830,197,216
							Total Cost ($205,905,075)					Total Cost ($589,355,449)										Total Cost ($795,260,524)
Other Assets and Liabilities - (9.9)%									(15,143,417	)				(59,983,390	)				(40,000	)(a)				(75,166,807	)
Net Assets								$	206,462,507				$	548,607,902					($40,000	)			$	755,030,409

48

VALUATION SUMMARY:

Investments	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value		Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value		Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
Common Stocks	$	200,847,781	$	-	$	-	$	200,847,781	$	537,259,221	$	3,918,736	$	1,627,881	$	542,805,838	$	738,107,002	$	3,918,736	$	1,627,881	$	743,653,619
Convertible Preferred Stock		-		-		-		-		-		-		161,301		161,301		-		-		161,301		161,301
Preferred Stock		-		-		-		-		-		-		28,269		28,269		-		-		28,269		28,269
Securities Lending Collateral		17,041,377		-		-		17,041,377		60,168,288		-		-		60,168,288		77,209,665		-		-		77,209,665
Repurchase Agreement		-		3,716,766		-		3,716,766		-		5,427,596		-		5,427,596		-		9,144,362		-		9,144,362
Total Investments	$	217,889,158	$	3,716,766	$	-	$	221,605,924	$	597,427,509	$	9,346,332	$	1,817,451	$	608,591,292	$	815,316,667	$	13,063,098	$	1,817,451	$	830,197,216

(a)-(i) See Note 2 of the Notes to the Pro Forma Financial Statements.

As of June 30, 2016, all securities held by the Target Portfolio would comply with the investment restrictions of the Destination Portfolio.

49

Reorganization Between Voya Mid Cap Opportunities VP and Janus Mid-Cap Growth VP

PRO FORMA STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2016

		Voya Mid Cap Opportunities VP			Janus Mid-Cap Growth VP				Adjustments					Combined Pro Forma Portfolio
Assets:
Investments, at value	$		217,889,158	$		603,163,696		$		-			$		821,052,854
Repurchase agreements, at value			3,716,766			5,427,596				-					9,144,362
Cash			10,677			4,966				-					15,643
Foreign currency, at value			-			46				-					46
Receivables:										-					-
Shares sold			-			437,651				-					437,651
Investments sold			3,210,042			795,439				-					4,005,481
Interest			3			5				-					8
Dividends			136,219			234,783				-					371,002
Tax reclaims			-			23,903				-					23,903
Net income from securities lending			5,666			17,931				-					23,597
Variation margin receivable			-			-				-					-
Prepaid Expenses			814			1,602				-					2,416
Total assets	$		224,969,345	$		610,107,618		$		-			$		835,076,963
Liabilities:
Accounts payable and accrued liabilities:
Shares redeemed			6			403,333				-					403,339
Investments purchased			1,297,766			325,971				-					1,623,737
When-issued, delayed-delivery, and forward commitment securities purchased			-			-				-					-
Investment management fees			144,040			362,005				-					506,045
Distribution and service fees			70			19,656				-					19,726
Transfer agent fees			537			2,069				-					2,606
Trustees, CCO and deferred compensation fees			388			1,715				-					2,103
Audit and tax fees			8,015			11,562				-					19,577
Custody fees			6,803			23,592				-					30,395
Legal fees			4,985			21,289				-					26,274
Printing and shareholder reports fees			697			152,181				-					152,878
Registration fees			-			-				-					-
Distribution payable to shareholders			-			-				-					-
Other			2,154			8,055				40,000		(a)			50,209
Collateral for securities on loan			17,041,377			60,168,288				-					77,209,665
Total liabilities			18,506,838			61,499,716				40,000					80,046,554
Net Assets	$		206,462,507	$		548,607,902		$		(40,000	)		$		755,030,409
Net Assets Consist of:
Capital stock ($0.01 par value)	$		165,946	$		211,444		$		(86,837	)	(b)	$		290,553
Additional paid in capital			174,691,363			494,450,458				15,951,186		(b)			685,093,007
Undistributed (distributions in excess of) net investment income (loss)			167,502			365,565				(167,502	)	(b)			365,565
Accumulated net realized gain (loss)			15,736,847			34,345,350				(15,736,847	)	(b)			34,345,350
Net unrealized appreciation (depreciation) on:
Investments			15,700,849			19,235,843				-					34,936,692
Swap agreements			-			-				-					-
Futures contracts			-			-				-					-
Translation of assets and liabilities denominated in foreign currencies			-			(758	)			-					(758	)
Net Assets	$		206,462,507	$		548,607,902		$		(40,000	)		$		755,030,409
Net assets by class:
Initial Class	$		206,120,504	$		453,533,459		$		(33,068	)	(a)	$		659,620,895
Service Class			342,003			95,074,443				(6,932	)	(a)			95,409,514
Shares outstanding (unlimited shares, no par value):
Initial Class			16,566,955			17,376,652				(8,669,618	)	(c)			25,273,989
Service Class			27,630			3,767,725				(14,075	)	(c)			3,781,280
Net asset value per share:
Initial Class	$		12.44	$		26.10		$		(12.44	)	(d)	$		26.10
Service Class			12.38			25.23				(12.38	)	(d)			25.23
Investments, at cost	$		202,188,309	$		583,927,853				-			$		786,116,162
Securities loaned, at value			16,651,276			58,892,884				-					75,544,160
Repurchase agreements, at cost			3,716,766			5,427,596				-					9,144,362
Foreign currency, at cost			-			47				-					47

(a)-(i) See Note 2 of the Notes to the Pro Forma Financial Statements.

THE NOTES TO THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS REPORT.

Information Classification: Limited Access

50

Reorganization Between Voya Mid Cap Opportunities VP and Janus Mid-Cap Growth VP

PRO FORMA STATEMENT OF OPERATIONS

For the twelve-month period ended June 30, 2016

		Voya Mid Cap Opportunities VP			Janus Mid-Cap Growth VP				Adjustments				Combined Pro Forma Portfolio
Investment Income:
Dividend income	$		1,926,632	$		2,946,631		$		-		$		4,873,263
Interest income			1,487			4,038				-				5,525
Net income (loss) from securities lending			48,174			1,821,662				-				1,869,836
Withholding taxes on foreign income			-			(32,276)								(32,276)
Total investment income			1,976,293			4,740,055				-				6,716,348
Expenses:
Investment advisory fees			1,098,768			3,408,323				(172,123)	(e)			4,334,968
Investment management fees			575,489			1,504,413				-				2,079,902
Distribution and service fees:
Service Class			879			255,527				(377)	(f)			256,029
Administration fees			39,170			124,647				(163,817)	(g)			-
Transfer agent fees			3,195			9,064				-				12,259
Trustees, CCO and deferred compensation fees			5,005			14,027				-				19,032
Audit and tax fees			15,017			20,746				(12,126)	(h)			23,637
Custody fees			50,514			67,857				(35,452)	(i)			82,919
Legal fees			14,043			43,250				-				57,293
Printing and shareholder reports fees			1,525			114,686				-				116,211
Registration fees			-			-				-				-
Other			6,315			23,002				-				29,317
Total expenses before waiver and/or reimbursment and recapture			1,809,920			5,585,542				(383,895)				7,011,567
Expenses waived and/or reimbursed:
Fund level			-			-				-				-
Initial Class			-			-				-				-
Service Class			-			-				-				-
Recapture of previously waived and/or reimbursed fees:
Fund level			-			-				-				-
Initial Class			-			-				-				-
Service Class			-			-				-				-
Net expenses			1,809,920			5,585,542				(383,895)				7,011,567
Net investment income (loss)			166,373			(845,487)				383,895				(295,219)
Net realized gain (loss) on:
Investments			8,163,204			(23,580,668	)			-				(15,417,464)
Swap agreements			-			-
Futures contracts			-			-
Foreign currency transactions			-			63,981				-				63,981
Net realized gain (loss)			8,163,204			(23,516,687)				-				(15,353,483)
Net change in unrealized appreciation (depreciation) on:
Investments			(7,675,728)			(76,797,082)				-				(84,472,810)
Swap agreements			-			-
Futures contracts			-			-
Translation of assets and liabilities denominated in foreign cuurencies			-			(758)				-				(758)
Net change in unrealized appreciation (depreciation)			(7,675,728)			(76,797,840)				-				(84,473,568)
Net realized and change in unrealized gain (loss)			487,476			(100,314,527)				-				(99,827,051)
Net increase in net assets resulting from operations	$		653,849	$		(101,160,014)		$		383,895		$		(100,122,270	)

(a)-(i) See Note 2 of the Notes to the Pro Forma Financial Statements.

THE NOTES TO THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS REPORT.

Information Classification: Limited Access

51

NOTES TO THE PRO FORMA FINANCIAL STATEMENTS [TO BE CONFIRMED/UPDATED]

NOTE 1 — GENERAL

The accompanying unaudited pro forma financial statements are presented to show the effect of the proposed transfer of substantially all of the assets of the Portfolios listed in the Target Portfolios & Shares column in the table below (the “Target Portfolios”) in exchange for shares of the Portfolios listed in the Destination Portfolios & Shares column (the “Destination Portfolios”) and the assumption by the Destination Portfolios of all of the liabilities of the Target Portfolios as described elsewhere in the Information Statement/Prospectus and this SAI. The “Pro Forma Funds” as identified in these financial statements represent the combined Destination Portfolios after the respective Reorganizations. The accounting survivor of each Reorganization for financial reporting purposes is the Destination Portfolio. Management believes the accounting survivor of each Reorganization is appropriate in light of the attributes of the applicable Destination Portfolio and Target Portfolio.

Target Portfolio & Shares	Destination Portfolio & Shares
Transamerica Voya Limited Maturity Bond VP	Transamerica JPMorgan Core Bond VP
Initial Class	Initial Class
Service Class	Service Class
Transamerica Voya Mid Cap Opportunities VP	Transamerica Janus Mid-Cap Growth VP
Initial Class	Initial Class
Service Class	Service Class

Capitalized terms not otherwise defined in the Notes to the financial statements have the meanings accorded to them in the Information Statement/Prospectus or this SAI.

The Reorganizations are intended to qualify for Federal income tax purposes as “reorganization” within the meaning of Section 368 of the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, it’s expected that neither the Target Portfolios, nor the Destination Portfolios, nor the shareholders will recognize any gain or loss for federal income tax purposes from the transactions contemplated by the Reorganizations. As a condition to the closing of the transactions, the Target Portfolios will receive an opinion from the law firm of Morgan, Lewis & Bockius LLP to the effect that the Reorganizations will constitute a “reorganization” within the meaning of Section 368 of the Code. That opinion will be based in part upon certain assumptions and upon certain representations made by the Target and Destination Portfolios.

Under the terms of the Agreement and Plan of Reorganization, the exchange of assets of the Target Portfolios for shares of the Destination Portfolios will be treated and accounted for as tax-free reorganization. The acquisition would be accomplished by acquisition of the net assets of the Target Portfolios in exchange for shares of the Destination Portfolios at net asset value. The unaudited pro forma Schedules of Investments and the unaudited Pro Forma Statements of Assets and Liabilities have been prepared as though the Reorganizations had been effective on June 30, 2016. The unaudited pro forma Statement of Operations has been prepared as though the Reorganizations had been effective June 30, 2016 to report operations for the period ended June 30, 2016.

In preparing the Destination Portfolios’ financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures.

The accompanying pro forma financial statements should be read in conjunction with the financial statements of each of the Target Portfolios and the Destination Portfolios, which are included in the Target Portfolios’ and Destination Portfolios’ annual report dated December 31, 2015 and semi-annual report dated June 30, 2016.

52

NOTE 2 — PRO FORMA ADJUSTMENTS

The Pro Forma adjustments below reflect the impact of each Reorganization.

(a) To adjust the Pro Forma Fund for costs associated with the Reorganization.

(b) To adjust the Pro Forma Funds Shares of beneficial interest by the Accumulated net realized gain amounts of the Target Portfolio.

(c) To adjust Shares Outstanding of the Pro Forma Fund based on combining the Portfolio at the Destination Portfolio’s net asset value.

(d) To adjust Net Asset Value and Offering Price Per Share of the Pro Forma Fund based on combining the Target Portfolio at the Destination Portfolio’s net asset value.

(e) To restate management fees using the Destination Portfolio management fee rates for the Pro Forma Fund at the combined average daily net assets of the Target Portfolio and Destination Portfolio.

(f) To restate distribution and service fees using the Destination Portfolio distribution and service fees for the Pro Forma Fund at the combined average daily net assets of the Target Portfolio and Destination Portfolio.

(g) To restate administration fees to remove the administration fees. Effective March 1, 2016, Investment advisory and administrative services fees were combined under the Management Agreement providing for a single management fee.

(h) To remove duplicate Audit fees.

(i) To remove duplicate Custody fees.

NOTE 3 — INVESTMENT MANAGEMENT AND OTHER TRANSACTIONS

Transamerica Asset Management, Inc. (“TAM”) is the Destination Portfolios’ investment manager. TAM is directly owned by Transamerica Premier Life Insurance Company (“TPLIC”) (77%) and AUSA Holding, LLC (“AUSA”) (23%), both of which are indirect, wholly owned subsidiaries of Aegon NV. TPLIC is owned by Commonwealth General Corporation (“Commonwealth”). Commonwealth and AUSA are wholly owned by Transamerica Corporation, a financial services holding company whose primary emphasis is on life and health insurance, and annuity and investment products. Transamerica Corporation is owned by The Aegon Trust, which is owned by Aegon International B.V., which is owned by Aegon N.V., a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. (“TFS”) is the Destination Portfolio’s transfer agent. Transamerica Capital, Inc. (“TCI”) is the Destination Portfolio’s distributor. TAM, TFS, and TCI are affiliates of Aegon, NV, a Netherlands corporation.

Certain officers and trustees of the Destination Portfolio are also officers and/or directors of TAM, TFS, and TCI.

53

Investment Management Fees

The Target Portfolios pay management fees to TAM based on average daily net assets (“ANA”) according to the following schedules (all amounts are noted as of June 30, 2016):

Transamerica Voya Limited Maturity Bond VP:

First $250 million	0.53	%
$250 million to $1 billion	0.49	%
Over $1 billion	0.49	%

Transamerica Voya Mid Cap Opportunities VP:

First $100 million	0.86	%
$100 million to $1 billion	0.845	%
Over $1 billion	0.83	%

The Destination Portfolios pay management fees to TAM based on ANA according to the following schedules:

Transamerica JPMorgan Core Bond VP:

First $750 million	0.48	%
$750 million to $1 billion	0.43	%
Over $1 billion	0.405	%

Transamerica Janus Mid-Cap Growth VP:

First $500 million	0.805	%
$500 million to $1 billion	0.77	%
Over $1 billion	0.75	%

TAM has contractually agreed through May 1, 2017 to waive fees and/or reimburse expenses on behalf of the Portfolios to the extent that normal operating expenses (including investment management fees but excluding, as applicable, 12b-1 fees, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolios’ business) exceeds, as a percentage of each Portfolio’s average daily net assets, 0.88% for Transamerica Voya Limited Maturity Bond VP, 0.70% for Transamerica JPMorgan Core Bond VP, 1.15% for Transamerica Voya Mid Cap Opportunities VP and 1.00% for Transamerica Janus Mid-Cap Growth VP. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap.

54

NOTE 4 — VALUATION PROCEDURES OF THE PORTFOLIOS

All investments in securities are recorded at their estimated fair value. Each Portfolio values its investments at the close of the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern Time, each day the NYSE is open for business. The Portfolios utilize various methods to measure the fair value of their investments on a recurring basis.

GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, that are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs, which may include TAM’s internal valuation committee’s (the “Valuation Committee”) own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the sub-adviser, issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

The Portfolios’ Board of Trustees has delegated the valuation functions on a day-to-day basis to TAM, subject to board oversight. TAM has formed the Valuation Committee to monitor and implement the fair valuation policies and procedures as approved by the Board of Trustees. These policies and procedures are reviewed at least annually by the Board of Trustees. The Valuation Committee, among other tasks, monitors for when market quotations are not readily available or are unreliable and determines in good faith the fair value of the Portfolio investments. For instances in which daily market quotes are not readily available, securities may be valued, pursuant to procedures adopted by the Board of Trustees, with reference to other instruments or indices. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the security to determine the fair value of the security. An income-based valuation approach may also be used in which the anticipated future cash flows of the security are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the securities. When the Portfolio uses fair value methods that rely on significant unobservable inputs to determine a security’s value, the Valuation Committee will choose the method that is believed to accurately reflect fair value. These securities are categorized in Level 3 of the fair value hierarchy. The Valuation Committee reviews fair value measurements on a regular and ad hoc basis and may, as deemed appropriate, update the security valuations as well as the fair valuation guidelines.

55

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the Valuation Committee’s determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material. The Valuation Committee employs various methods for calibrating these valuation approaches, including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing, and reviews of any market related activity.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety.

Fair value measurements: Descriptions of the valuation techniques applied to the Portfolio’s major categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Investment companies: Investment companies are valued at the net asset value (“NAV”) of the underlying funds. These securities are actively traded and no valuation adjustments are applied. Exchange-Traded Funds are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. They are categorized in Level 1 of the fair value hierarchy. Investments in privately held investment funds with significant restrictions on redemptions where the inputs of NAVs are unobservable will be valued based upon the NAVs of such investments and are categorized in Level 3 of the fair value hierarchy.

Securities lending collateral: Securities lending collateral is invested in a money market fund which is valued at the net asset value of the underlying securities and no valuation adjustments are applied. It is categorized in Level 1 of the fair value hierarchy.

Repurchase agreements: Repurchase agreements are traded on inactive markets or valued by reference to similar instruments and are generally categorized in Level 2.

The hierarchy classification of inputs used to value the Portfolio’s investments at June 30, 2016, is disclosed in the Valuation Summary of the Schedule of Investments.

NOTE 5 — TAX TREATMENT OF THE PORTFOLIOS

Each Destination Portfolio has elected to be treated as a “regulated investment company” for U.S. federal income tax purposes. For the taxable year that includes the closing date of the Reorganizations and for subsequent taxable periods, the Trust reasonably expects that the Destination Portfolios will meet the requirements of Subchapter M of the Code for qualification as a regulated investment company and will be eligible to, and will, compute its federal income tax under Section 852 of the Code.

NOTE 6 — COSTS ASSOCIATED WITH THE REORGANIZATION

The cost of the Reorganizations will be borne by the Target Portfolios. The estimated Portfolio costs associated with the Reorganizations, which are considered extraordinary expenses of the Portfolios and, thus, are not subject to the expense limitations of the Portfolios discussed in Note 3 above, are as follows

Transamerica Voya Limited Maturity Bond VP	$	40,000
Transamerica Voya Mid Cap Opportunities VP	$	40,000

56

PART C

OTHER INFORMATION

Item 15. Indemnification

Provisions relating to indemnification of the Registrant’s Trustees and employees are included in Registrant’s Declaration of Trust and Bylaws, which are incorporated herein by reference.

Pursuant to Rule 484, insofar as indemnification for liability arising under the Securities Act of 1933 (the “Act”) may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 16. Exhibits

List all exhibits filed as part of the Registration Statement.

1		Amended and Restated Declaration of Trust filed with Post-Effective Amendment (PEA) No. 133 on February 12, 2016
2		Bylaws of Registrant filed with PEA No. 72 on April 29, 2008
3		n/a
4		Form of Agreement and Plan of Reorganization (See Exhibit A to the Information Statement/Prospectus)
5		See Exhibits 1 and 2
6(1)		Investment Management Agreement dated March 1, 2016 between Registrant and Transamerica Asset Management, Inc. (TAM) filed with PEA 134 on March 18, 2016
		a. Amended Schedule A dated May 1, 2016 filed with PEA 136 on April 27, 2016
		b. Amended Schedule A dated                     to be filed by amendment
	(2)	Sub-Advisory Agreement between TAM and J.P. Morgan Investment Management, Inc. dated May 1, 2002 filed with PEA 50 filed on April 30, 2002 on behalf of Transamerica JPMorgan Core Bond VP
		a.      Amendment dated May 1, 2007 to Sub-Advisory Agreement filed with PEA 68 on April 30, 2007
		b.      Amendment dated December 31, 2009 to Sub-Advisory Agreement filed with PEA 90 on February 18, 2010
		c.      Amendment dated October 1, 2015 to Sub-Advisory Agreement filed with PEA 136 on April 27, 2016
		d.      Amendment dated                      to Sub-Advisory Agreement to be filed by amendment
	(3)	Sub-Advisory Agreement between TAM and Janus Capital Management, LLC dated December 9, 2011 filed with PEA 100 on December 9, 2011
		a.      Amendment dated May 1, 2016 to Sub-Advisory Agreement filed on behalf of Transamerica Janus Mid-Cap Growth VP filed with PEA 136 on April 27, 2016
		b.      Amendment dated October 1, 2015 to Sub-Advisory Agreement filed with PEA 136 on April 27, 2016
		c.      Amendment dated                     to Sub-Advisory Agreement to be filed by amendment

7		Amended and Restated Distribution Agreement dated November 1, 2007 filed with PEA No. 72 to the Registration Statement on April 29, 2008
		a. Amendment to Distribution Agreement dated May 1, 2008 filed with PEA No. 73 to the Registration Statement on August 25, 2008
		b. Amended Schedule I dated December 31, 2015, filed with PEA 134 to the Registration Statement on March 18, 2016
		c. Amended Schedule I dated May 1, 2016 filed with PEA 136 on April 27, 2016
		d. Amended Schedule I dated                      to be filed by amendment
8		Amended and Restated Trustees’ Deferred Compensation Plan dated January 1, 2010 filed with Transamerica Funds’ PEA No. 108 to the Registration Statement on February 26, 2010 (File no. 033-02659)
9		Custodian Agreement between Registrant and State Street Bank and Trust Company dated January 1, 2011 filed with Transamerica Funds’ PEA 126 on April 29, 2011 (File no. 033-02659)
	(1)	Amendment to Custodian Agreement dated December 17, 2012 filed with PEA No. 116 to the Registration Statement on February 12, 2013
		a. Amended Appendix A-1 dated May 1, 2016 filed with PEA 136 on April 27, 2016
		b. Amended Appendix A-1 dated                      to be filed by amendment
10		Plan of Distribution under Rule 12b-1
	(1)	Amended and Restated Plan of Distribution Pursuant to Rule 12b-1 dated November 1, 2007 filed with PEA No. 72 to the Registration Statement on April 29, 2008
		a. Amendment to Amended and Restated Plan of Distribution Pursuant to Rule 12b-1 dated May 1, 2008 filed with PEA No. 73 to the Registration Statement on August 25, 2008
		b. Amended Schedule A dated May 1, 2016 filed with PEA 136 on April 27, 2016
		c. Amended Schedule A dated                     to be filed by amendment
	(2)	Multiple Class Plan dated January 22, 2009 filed with PEA No. 80 to the Registration Statement on April 30, 2009
11		Opinion of counsel as to the legality of the securities (filed herein)
12		Form of opinion of counsel as to tax matters (filed herein)
13		Other Material Contracts
	(1)	Transfer Agency Agreement, as amended through May 1, 2008, filed with PEA No. 80 to the Registration Statement on April 30, 2009
	(2)	Expense Limitation Agreement filed with PEA No. 67 to the Registration Statement on February 28, 2007
		a. Amendment to Expense Limitation Agreement dated May 1, 2008 filed with PEA No. 73 to the Registration Statement on August 25, 2008
		b. Amendment to Expense Limitation Agreement dated July 1, 2009 filed with PEA No. 83 to the Registration Statement on August 14, 2009
		c. Amendment and Restated Expense Limitation Agreement dated May 1, 2011 filed with PEA No. 95 to the Registration Statement on April 29, 2011
		d. Amended Schedule A and B dated May 1, 2016 filed with PEA 136 on April 27, 2016by amendment
		e. Amended Schedule A and B dated                     to be filed by amendment
	(3)	Participation Agreement between TST and Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company and Transamerica Premier Life Insurance Company, filed with PEA No. 70 to the Registration Statement on July 31, 2007
		a. Amendment dated May 1, 2010 filed with PEA No. 91 to the Registration Statement on April 28, 2010
		b. Amendment dated May 1, 2011 filed with PEA No. 95 to the Registration Statement on April 29, 2011
		c. Amendment dated May 1, 2012 filed with PEA No. 106 to the Registration Statement on April 26, 2012
		d. Amendment dated September 17, 2012 filed with PEA No. 106 to the Registration Statement on April 26, 2012

		e. Amendment dated May 1, 2013 and updated Schedule dated May 1, 2014 filed with PEA No. 123 to the Registration Statement on April 30, 2014
		f. Amendment dated November 10, 2014 to Participation Agreement between TST and Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company and Transamerica Premier Life Insurance Company filed with PEA 130 on April 28, 2015
		g. Updated Schedule dated May 1, 2015 to Participation Agreement between TST and Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company and Transamerica Premier Life Insurance Company filed with PEA 130 on April 28, 2015
	(4)	Participation Agreement with Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company and BlackRock Variable Series Funds, Inc. on behalf of Transamerica BlackRock Global Allocation VP dated May 1, 2009 filed with PEA No. 80 to the Registration Statement on April 30, 2009
	(5)	Participation Agreement with Transamerica Advisors Life Insurance Company dated October 20, 2008, as amended, filed with PEA No. 91 to the Registration Statement on April 28, 2010
		a. Amendment dated May 1, 2010 filed with PEA No. 91 to the Registration Statement on April 28, 2010
		b. Amendment dated May 1, 2011 filed with PEA No. 95 to the Registration Statement on April 29, 2011
		c. Amendment dated May 1, 2012 filed with PEA No. 106 to the Registration Statement on April 26, 2012
		d. Amendment dated September 17, 2012 filed with PEA No. 114 to the Registration Statement on September 17, 2012
		e. Amendment dated May 1, 2013 and updated Schedules dated February 5, 2014 and May 1, 2014 filed with PEA No. 123 to the Registration Statement on April 30, 2014
		f. Updated Schedule dated May 1, 2015 to Participation Agreement between TST and Transamerica Advisors Life Insurance Company filed with PEA 130 on April 28, 2015
	(6)	Master Sub-Administration Agreement dated December 17, 2012 filed with PEA No. 116 to the Registration Statement on February 13, 2013
		a. Amended Schedule A dated May 1, 2016 filed with PEA 136 on April 27, 2016
		b. Amended Schedule A dated                      to be filed by amendment
14		Consent of Independent Registered Certified Public Accounting Firm (filed herein)
15		n/a
16		Powers of Attorney (filed herein)
17
	(1)	Joint Transamerica Series Trust and Transamerica Asset Management, Inc. Code of Ethics dated January 3, 2012 filed with PEA No. 106 to the Registration Statement on April 26, 2012
	(2)	J.P Morgan Investment Management, Inc. Code of Ethics filed with PEA 136 on April 27, 2016
	(3)	Janus Capital Management LLC Code of Ethics filed with PEA 136 on April 27, 2016
	(4)	Prospectus dated May 1, 2016, as supplemented, filed previously with PEA 136.
	(5)	Statement of Additional Information dated May 1, 2016, as amended and restated July 1, 2016, filed previously with PEA 136.
	(6)	Annual Report to Shareholders for the year ended December 31, 2015, filed on Form N-CSR on March 4, 2016
	(7)	Semi-Annual Report to Shareholders for the period ended June 30, 2016, filed on Form N-CSR on September 1, 2016

Item 17

(1) The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this Registration Statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the 1933 Act, the reoffering prospectus will contain the information called for by the applicable registration form for the reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

(2) The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the Registration Statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

(3) The undersigned Registrant undertakes to file, by post-effective amendment, the final opinion of Morgan Lewis & Bockius LLP supporting the tax consequences of the proposed reorganizations as soon as practicable after the closing of the reorganizations.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Registration Statement on Form N-14 to be signed on its behalf by the undersigned, thereunder duly authorized, in the City of Denver, State of Colorado, on the 7^th day of October, 2016.

TRANSAMERICA SERIES TRUST
By:	/s/ Marijn P. Smit
	Marijn P. Smit
	Trustee, President and Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, as amended this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

/s/ Marijn P. Smit	Trustee, President and Chief Executive Officer	October 7, 2016
Marijn P. Smit
/s/ Sandra N. Bane	Trustee	October 7, 2016
Sandra N. Bane*
/s/ Leo J. Hill	Trustee	October 7, 2016
Leo J. Hill*
/s/ David W. Jennings	Trustee	October 7, 2016
David W. Jennings*
/s/ Russell A. Kimball, Jr.	Trustee	October 7, 2016
Russell A. Kimball, Jr.*
/s/ Patricia L. Sawyer	Trustee	October 7, 2016
Patricia L. Sawyer*
/s/ John W. Waechter	Trustee	October 7, 2016
John W. Waechter*
/s/ Alan F. Warrick	Trustee	October 7, 2016
Alan F. Warrick*
/s/ Vincent J. Toner	Vice President and Treasurer	October 7, 2016
Vincent J. Toner

* By:	/s/ Tané T. Tyler	Vice President, Associate General Counsel, Chief Legal Officer and Secretary	October 7, 2016
	Tané T. Tyler**

** Attorney-in-fact pursuant to powers of attorney filed herein.

WASHINGTON, DC 20549

SECURITIES AND EXCHANGE COMMISSION

Exhibits Filed With

Registration Statement on

Form N-14

Transamerica Series Trust

EXHIBIT INDEX

Exhibit Number	Description of Exhibit
(11)	Opinion of Counsel as to the Legality of the Securities
(12)	Form of Opinion and Consent as to Tax Matters
(14)	Consent of Independent Registered Certified Public Accounting Firm
(16)	Powers of Attorney